Kelly & O'Reilly Make Up Another Green Energy Scandal
By: Steve - October 17, 2011 - 9:00am
Now this is a good one, Megyn Kelly and Bill O'Reilly dreamed up another green energy loan scandal. When in fact, there is no scandal, and the company will most likely not default on their loan.
Remember that O'Reilly said he never speculates, and that he only reports proven facts. Then he broke his own rules, by speculating that they might go bankrupt and default on their $1.2 billion dollar loan.
In an attempt to create a new "solar power scandal" that will be even bigger than Solyndra, Fox News is claiming that SunPower, which recently received a federal loan guarantee, is a failing company that is creating jobs "not in America, but in Mexico."
But in fact, industry experts see SunPower as "a success story" and the loan guarantee supports the construction of a power plant in California, not Mexico.
On 10-12-11 Megyn Kelly said SunPower was another failing company:
KELLY: Well, if you thought the Solyndra loan scandal was bad, listen to this one. New questions being raised today as we learn that another failing company, SunPower, was given a government loan guarantee for $1.2 billion, which is of course more than twice the amount given to Solyndra, which is now bankrupt. And right now that company too, not looking good.
Then the very same day O'Reilly slammed them on his show:
O'REILLY: They didn't go bankrupt yet, right?
So O'Reilly is reporting that it is a scandal because they MIGHT go bankrupt and default on their Government loan. Even though it has not happened, and the experts say it is a good company that will not go bankrupt.
ELIZABETH MacDONALD, FOX BUSINESS: That's correct.
O'REILLY: But they may.
MacDONALD: They could, this whole project that SunPower is helping to operate could really go under.
The New York Times reported that although China has benefitted from solar bankruptcies in the U.S., other American companies such as SunPower remain strongly placed:
Analysts say that two American companies remain strongly placed. One is First Solar, the largest American manufacturer, which uses a different technology but has its biggest factory in Malaysia.
Shayle Kann, a solar power market expert at GTM Research said this: "I would place the odds of SunPower defaulting on the loan guarantee at almost zero."
The other, SunPower, is much smaller but is an industry leader in the efficiency with which its panels convert sunlight into electricity, so that they sell at a premium to Chinese panels.
Kann also added this: "They've already got financing in place and a guaranteed purchaser for the power."
Kann called SunPower a pretty big success story and said that if the project were completed today, "it would be the largest solar generating facility in the world, which is part of why they needed the loan guarantee -- private financing would have been more difficult to attain otherwise."
The San Jose Mercury News reported that analysts cite SunPower as an example of a Safe Bet.
Michael Horwitz, a cleantech analyst at Baird Research said this: "SunPower -- which in April won a $1.2 billion loan guarantee -- has years of good sales in the marketplace, billions of dollars sold and a product that's arguably the best in the world."
Part of his confidence stems from the fact that French oil giant Total S.A. bought 60 percent of the company earlier this year.
Energy analyst Peter Asmus of Pike Research echoed Horwitz's assessment, saying this: "Of all the solar companies, I'm the most bullish on them," said Asmus.
On 4-30-11 The conservative Wall Street Journal even said this about SunPower: "SunPower is one of a handful of solar-panel companies based in the U.S. and Europe that has been competing successfully for market against rapidly growing Chinese panel makers."
On 9-14-11 The Washington Post's Brad Plumer wrote this:
The Energy Department's loan-guarantee program, enacted in 2005 with bipartisan support, has backed nearly $38 billion in loans for 40 projects around the country.
And finally, Reuters reported this in June:
Solyndra represents just 1.3 percent of that portfolio -- and, as yet, it's the only loan that has soured. Other solar beneficiaries, such as SunPower and First Solar, are still going strong.
SunPower, the most popular solar panel company in California, which is the clear solar leader in the U.S., was recently awarded the Guinness Book of World Records Award for providing "the most efficient commercially available photovoltaic modules on the market."
And O'Reilly never reported any of that information, he ignored it all. While speculating that they MIGHT go bankrupt. He tried to make a scandal out of nothing, and of all the green energy loans only ONE has defaulted. Not to mention the loans were voted on with bipartisan support, something else O'Reilly never reports.
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