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Nancy PELOSI Connection to Tonopah Solar Energy

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Nancy PELOSI Connection to Tonopah Solar Energy

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Nancy PELOSI Connection to Tonopah Solar Energy

*Energy Department give a loan to an energy company connected to Nancy Pelosi’s brother-in-law?
The loan was awarded to Tonopah Solar Energy for a project in Nevada. Ron Pelosi was then a board member with a subsidiary of Pacific Corporate Group, an investment partner in Tonopah’s parent company

The Tonopah Solar company in Harry Reid’s Nevada is getting a $737 million loan from Obama’s DOE.

The project will produce a 110 megawatt power system and employ 45 permanent workers.

That’s costing us just $16 million per job.

One of the investment partners in this endeavor is Pacific Corporate Group (PCG).

The PCG executive director is Ron Pelosi who is the brother to Nancy’s husband.

Just move along folks…..nuthin goin on here.

Shortly after the solar energy company Solyndra filed for bankruptcy — after receiving a $535 million loan from the Department of Energy — we received several emails from readers asking us to look into the claims made in the chain email above. It gets some of the basic facts correct.

  • It’s that Tonopah Solar Energy, a subsidiary of SolarReserve, received a $737 million loan from the government to build a new solar facility in Nevada.
  • It’s also true that the project is expected to create 45 permanent jobs. However, many construction jobs also would be supported. Furthermore, there’s no indication at present that the loan won’t be repaid. So it’s misleading to claim it is costing taxpayers $16 million per job.
  • And Ron Pelosi, Nancy Pelosi’s brother-in-law, had been the executive director with PCG Asset Management, a subsidiary of PCG, until April 2009. But he was only an “independent director” on the company’s board in September 2011 when the loan guarantee for Tonopah was finalized. As an independent director, Pelosi sat on the board of directors, but did not oversee day-to-day management of the company.
  • The company received LOAN from the Energy Department had anything to do with Ron Pelosi, as the email suggests. We spoke to company officials for SolarReserve and PCG, and they denied that Pelosi had any influence on the loan. They also stated to us that Ron Pelosi’s compensation agreement does not allow him to benefit personally from the loan, a statement we are not in a position to confirm or dispute.
  • We have a Source from the BANK, where deposit was made.
  • The LoanThe Department of Energy announced on Sept. 28 that it had “finalized a $737 million loan guarantee to Tonopah Solar Energy LLC to develop the Crescent Dunes Solar Energy Project” in Nevada. The 110 megawatt solar power tower will be the “first of its kind in the United States and the tallest molten salt tower in the world,” according to a press release from the department.The project, which had the backing of Democratic Senate Majority Leader Harry Reid of Nevada and the state’s former Republican Gov. Jim Gibbons, is expected to generate enough renewable electricity to power up to 75,000 homes at peak hours.The email claims that the project will “employ 45 permanent workers … costing us just $16 million per job.” But that math is misleading. The project is expected to create 45 permanent jobs, according to figures available on the website of the Energy Department’s Loan Programs Office. But in addition to those permanent positions, the project could create as many as 600 construction jobs over a 30-month period and “more than 4,300 direct, indirect and induced jobs” throughout the country, according to Kevin Smith, the chief executive officer of SolarReserve.

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