The previous green-energy crony-corruption column unraveled SolarReserve and its share of “meaningful” political connections –– Citigroup, a major investor in SolarReserve, also a top 2008 Obama donor, as well as two former Citigroup executives, one of whom is an Obama “buddy and bundler” and now has a “seat” at the White House, while the other served on President Obama’s Transition Team and now sits on his Jobs Council.
Then add more investor connections –– one of whom went on to be a 2008 Obama campaign advisor and then a DOE advisory role under Secretary Chu. Another was a 2008 Obama bundler who just so happened to be a frequent White House visitor, while the other was related to the former Speaker of the House. The mix is topped off with a high-powered lobbyist with White House connections, and several SolarReserve board members who just so happen to be 2008 (and 2010) Democrat, Harry Reid, and Obama donors.
The combination is a recipe for SolarReserve’s $737 million DOE “noninvestment” grade loan guarantee, which was rated a BB by Fitch and potential millions in a 1603 tax-free grant—both programs implemented under the 2009 Obama Stimulus package.
SolarReserve is only the first chapter in our green-energy crony-corruption story. The next is BrightSource Energy. Like SolarReserve, the BrightSource tale also has interesting political ties: Obama, Reid and Democrat donors, as well as a DOE advisor. However, it gets even brighter when you look into its high-powered investors.
As featured in the introduction, here is a quick overview of BrightSource’s green-energy crony-corruption Story: