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Posts tagged ‘John Smith’

Extreme Differences


waving flagI received the following from a long time friend. I believe you will find his perspective thought New WhatDidYouSay Logoprovoking.

Jerry Broussard of WhatDidYouSay.org

This weekend, I was chatting with a real estate agent and noticing a photograph of a young man in full combat gear, standing in front of a carved stone image of a lion headed bull, with wings.  He was standing proud and erect and smiling, pleasantly.

I ask her if that was her son … a reasonable perception.  And her only reply was, “Yes … in Iraq.  He died there”.

Perhaps, being a Viet Nam vet, it hit me like a heavy punch … in the gut.  I just stood there silently admiring this courageous young man, holding back tears, and quietly, reverently and softly said, “That hurts … really hurts”.  It did … it really did.

Later in the day, the following commentary showed up in my email …

“Something to think about!

Low military pay was not mentioned in the State of the Union speech.  However, increasing the minimum wage was … for those fast food workers striking for $15 an hour.  Let’s do some math:

At $15 an hour, Johnny Fryboy would make $31,200 annually.
An E1 (Private) in the military makes $18,378.
An E5 (Sargent) with 8 years of service only makes $35,067 annually.

So you’re telling me, La McBurger flipper, that you deserve as much as those kids getting shot at, deployed for months in hostile environments, and putting their collective a—s on the line every day protecting your unskilled b–t!?

Here’s the deal, Baconator, you are working in a job designed for a kid in high school who is learning how to work and earn enough for gas and hanging out with their equally goofy high school pals.  If you have chosen this as your life long profession, you have failed.  If you don’t want minimum wage, don’t have minimum skills.  Sucks don’t it!

If you can read this, thank a teacher.  If you can read it in English, thank a veteran.”

My guess is that this $15 per hour deal … hits a nerve … or two.

John Smith (Yes, that is really his real name)
Apple Valley, CA

freedom combo 2

Ivanpah Solar Project Owners Delay Repaying Loans, Documents Say


Obamacare

What Voter Alert 01

Posted by Quest Contributor, John Smith

NRG, Google, BrightSource Said to Delay Paying Back Loans 

By YULIYA CHERNOVA

http://online.wsj.com/articles/ivanpah-solar-project-owners-delay-repaying-loans-documents-say-1411488730?KEYWORDS=ivanpah-solar-project-owners

TSolyndra-Solar-Panelshe world’s largest solar thermal electricity project is applying for a federal grant—to pay off its federal loan.

In order to pull that off, the owners of the Ivanpah Solar Electric Generating System project, NRG Energy Inc., Google Inc. and venture capital-backed BrightSource Energy Inc., have delayed repaying hundreds of millions of dollars of the project’s federal loans from several months to a year, according to documents.

Ivanpah, a massive project built on 3,500 acres in the Mojave Desert, is the first large-scale deployment of technology developed by BrightSource, a privately held company backed by more than $615 million in equity from investors such as VantagePoint Capital Partners, Morgan Stanley, Google.org, California State Teachers’ Retirement System and numerous others.

Imperial President ObamaOakland, Calif.-based BrightSource began developing Ivanpah and then sold the majority stake in the project to NRG and Google. The project received about $1.6 billion in federal loans under the Department of Energy’s 1705 Loan Guarantee Program. In February, after several years of construction, Ivanpah began producing electricity in full capacity. Energy Secretary Dr. Ernest Moniz attended the launch celebration.

Two weeks later, on Feb. 27, a part of the project received an extension from the Department of Energy on the $132 million first installment it owed to the federal government, according to documents filed by NRG Energy with the Securities and Exchange Commission. This amount is now due on Feb. 27, 2015. Ivanpah is divided into numerous sub-project legal entities, which are supposed to repay the government at different times.

Similarly, another Ivanpah entity, which owed $159 million originally greendue on June 27 of this year, was allowed to push off the payment to Dec. 27, according to Michelle Tsai, spokeswoman for NRG Energy. Another loan repayment installment, from a third sub-project entity, of $117 million, which is due this year, remains on schedule for Oct. 27.

A Department of Energy spokeswoman declined to comment on the status of the timing of the loan payments, adding the project overall is in “good standing” with the department.

Joseph Desmond, BrightSource Senior Vice President of Marketing & Government Affairs, who said he wasn’t aware of the financial details, added that NRG assumed operational control of Ivanpah last December. 

The three Ivanpah entities all applied to the U.S. Treasury Department media blockto receive $539 million in net cash grants, according to Ms. Tsai. The applications were submitted to the Treasury’s 1603 cash grant program, which allows renewable energy projects to be reimbursed for 30% of their costs in the form of a grant. 

In a recent filing with the SEC, NRG Energy said the first entity, which owed $132 million, was going to use “any proceeds received [from the cash grant] to repay the borrowings” made under the Department of Energy loan program. The applications were submitted to the Treasury this year, after the Ivanpah project became operational, Ms. Tsai said. 

“The extensions [for repayment of the federal loans] were necessary as it takes time to prepare and file the applications, and for Treasury to approve and pay them. The original bridge loan due dates that were set in 2011 did not allow sufficient time for this to happen,” Ms. Tsai wrote in an email to VentureWire. 

The total cost of the Ivanpah project was roughly $2.2 billion. 

BrightSource has drawn equity capital from the following additional investors: Black River, Draper Fisher Jurvetson, DBL Investors, PB PLC, StatoilHydro Venture, Chevron Corp. , Alstom SA and Riverwood Capital. hoax

Write to Yuliya Chernova at yuliya.chernova@ws.com

 

 

 

 

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