by Mitchell Tu and David Kreutzer, The Daily Signal
At the recent inauguration of the Desert Sunlight solar farm, Secretary of Interior Sally Jewell stated, “This is the beginnings of a renewable energy future.”
Let’s hope she is wrong, because the Desert Sunlight project is cronyism at its worst. This project involves $1.5 billion of subsidized loans. It also mandated purchases of overpriced power, all to benefit the project’s owners. And don’t think those owners are struggling mom-and-pop operations. Instead, they’re three of the world’s largest corporations—GE (market capitalization of $247 billion), NextEra Energy (market capitalization of $47 billion) and Sumitomo Corporation (market capitalization of $13 billion).
Here’s how the scam works. It begins with proposing to build a solar plant. But solar plants take up a lot of land. Gosh, that can be expensive. So, the government rents them the land at bargain prices.
© 2015 The Heritage Foundation