Despite the growing Solyndra scandal, yesterday the Department of Energy approved $1 billion in new loans to green energy companies — including a $737 million loan guarantee to a company known as SolarReserve:
SolarReserve LLC, a closely held renewable energy developer, received a $737 million U.S. Energy Department loan guarantee to build a solar-thermal project in Nevada.
The 110-megawatt Crescent Dunes project, near Tonopah, Nevada, will use the sun’s heat to create steam that drives a turbine, the agency said today in a e-mailed statement. SolarReserve is based in Santa Monica, California.
Read more The Weekly Standard.
The Trouble With Crony Capitalism
$737 million–is going to SolarReserve LLC for a solar-thermal project in Nevada. SolarReserve’s “investment partners”–I take it that means owners–include the Pacific Corporate Group’s Clean Energy and Technology Fund. One of Pacific Corporate Group’s principals is Nancy Pelosi’s brother-in-law, Ronald Pelosi. Another of SolarReserve’s owners is Argonaut Private Equity, whose managing director, Steve Mitchell, is on Solyndra’s board of directors.
Pacific Corporate Group, A Leader in the Private Equity Industry since 1979, La Jolla, California
Mr. Pelosi brings to PCG Asset Management a distinguished career in business and public service. He has an extensive background in the securities industry, mutual funds, and private equity. He is an accomplished Financial Industry Regulatory Authority (FINRA) mediator, and has served in a number of positions as a public official.
Mr. Pelosi is the President of Trenholm Associates, a consulting firm offering specialized services to companies in the financial industry. His investment firm experience includes: Senior Advisor, ReFlow Management; President, Forward Funds, diversified mutual fund group; President, Webster Investment Management Company; President, Longwood Co., member firm, NASD; Representative, Dean Witter & Company, and, Hambrecht & Quist; Board of Trustees, Pacific Corporate Group Private Equity Fund. In addition, he was a Partner of Korn/Ferry International, an executive search firm.
Presently, he serves on FINRA’s national panel of mediators. Formerly, he was on the arbitration/mediation panels of the New York, American, and Pacific Coast Stock Exchanges. He was also on the American Arbitration Association roster of arbitrators.
His record of public service includes: President of the San Francisco Board of Supervisors; President of the San Francisco City Planning Commission; Chairman of the Board, San Francisco Employees’ Retirement System; Board of Directors, Golden Gate Highway and Transportation District, Association of Bay Area Governments, and the League of California Cities. He is currently a standing guest lecturer on Mediation for Dispute Resolution at Stanford University.
Mr. Pelosi holds a BA from Stanford University in American History.
This story says that Ronald Pelosi had nothing to do about the deal and the Story is Trumped up by those who wish to attack the solar industry. We have added it here for Balance. Thanks to reader Ray Medeiros
The next fake solar scandal – The Term Sheet:
The link is to a blog post in The Weekly Standard, about a recent loan $737 million loan guarantee from the Department of Energy to a solar energy company called SolarReserve. More specifically, the post insinuates that DoE approved the loan because Ronald Pelosi, brother-in-law of House Minority Leader Nancy Pelosi, is “number two” at an investment firm that has an interest in SolarReserve.
It is true that Ronald Pelosi is an executive at Pacific Corporate Group, one of the private equity firms that has plugged more than $100 million into SolarReserve. But it is patently false that he will benefit from the loan (as Drudge asserts, although Weekly Standard only implies).