Guest essay by Eric Worrall
President Obama’s administration appears to be pushing out a final hundred million dollars in grants to foreign green projects, ahead of the January 20th handover to the new Trump administration.
OPIC AND RENEW POWER VENTURES SIGN COMMITMENT FOR 100 MEGAWATT SOLAR FARM IN INDIA
Marrakech, Morocco – The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, signed a commitment with ReNew of approximately $74 million for a 100 MW solar project in the Indian state of Telangana. Announced during the 22nd session of the United Nations Framework Convention on Climate Change Conference of Parties (COP22), this project will diversify the country’s power generation mix with a clean source of renewable power and help the country reduce GHG emissions.
“In India, outdoor air pollution is an ever growing public health concern. OPIC’s partnership with Renew Power Ventures will have a transformative impact by helping India both reduce its emissions and increase energy capacity in the country through a diversified power generation mix,” said OPIC President and CEO Elizabeth L. Littlefield. “OPIC is committed to assisting India in its transition to a low carbon economy by investing in clean energy projects.”
The Telangana solar project is the first project approved under the ReNew Master Financing Facility, a $250 million facility between OPIC and ReNew to be used for the development, construction, and operation of solar energy projects awarded under the Government of India’s Jawaharlal Nehru National Solar Mission. Under the ReNew Master Financing Facility, up to 400 MW of new solar renewable power generation will be constructed in India across multiple projects. ReNew will be utilizing the innovative Master Financing Facility provided by OPIC to streamline the timeline for financing new renewable energy projects.
Generating electricity from renewable energy can reduce a country’s dependence on fossil fuels and offers significant health benefits, in addition to being a sustainable source of energy. As the fourth largest energy consumer in the world, India must overcome a number of challenges to meet its rising energy demand and sustain economic growth. Currently, solar energy accounts for approximately one percent of total energy capacity in India, or 7.5 gigawatts. This project will support the Government of India’s goal to have 170 GW of installed renewable capacity by 2022, of which 100 GW are to be solar.
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OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help address critical development challenges and in doing so, advances U.S. foreign policy and national security priorities. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets, catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, political risk insurance, and support for private equity investment funds, when commercial funding cannot be obtained elsewhere. Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers.
All OPIC projects adhere to high environmental and social standards and respect human rights, including worker’s rights. By mandating high standards, OPIC aims to raise the industry and regional standards of the countries where it funds projects. OPIC services are available for new and expanding business enterprises in more than 160 countries worldwide.
According to India Economic Times, an additional $20 million has also been released, bringing to total so far to $95 million, as part of what Economic Times describes as a rapid mobilisation of financing.
In India, outdoor air pollution is an ever growing public health concern.
Yes, but is it from burning coal in power stations? You could argue, that adding solar and wind, may delay scrapping of older more polluting power generation.
Because a mid-western middle class family struggling with health insurance, college tuition, and total taxation, is just thrilled to hear that his tax dollars are going to India to be wasted on another solar swindle.
You would think leaving the Democratic party in complete free-fall would wake up some of these socialists, yet they don’t seem to really be able to control their addiction to OPM.
“I predict future happiness for Americans, if they can prevent the government from wasting the labors of the people under the pretense of taking care of them.” – Thomas Jefferson
So my question is, Will this cost the US tax payer? If so, how much?
In the thousands of accounts and funds involved in dishing out U.S. taxpayer dollars overseas, there are ways to throw in some zeros after Jan. 20th to even out the balance. The receiving countries might actually start to prioritize at that point.
How are solar panels supposed to help with diesel burning vehicles??
…most of India’s pollution comes from diesel
Guess who is the major investor in ReNew. Go on guess.
Goldman Sachs, imagine that.
Crony capitalism at its finest.
The Obama adminiatration is already years late with the budget cuts that are suppose to have gone along with the tax hike on the rich and the ACA taxes as part of Obama’s balanced approach to deficit reduction. So the Obama Administration is suppose to be spending less money, not more. Of course the federal government will have to borrow the money. I estimate that the money the federal government is borrowing today will end up costing the tax payers more than 12 times the ammount borrowed to repay over the next 170 years. If the federal government really wants to spend moeny on solar power they should spend it at home. I want a solar power system installed on my roof that will allow me to remove my home from the power grid and to chanrg up an electrical car. I cannot afford any of this myself so need the federal government to fund it with the provision that anything installed on my property, I own, tax free.
willhaas says
I want a solar power system installed on my roof that will allow me to remove my home from the power grid and to chanrg up an electrical car. I cannot afford any of this myself so need the federal government to fund it with the provision that anything installed on my property, I own, tax free.
sic
henry says
by my own experience
1) solar geyser works = just make sure it is freeze proof, in winter, initially I had a problem there.
we had an allowance from the government to subsidize the system which made sense to me….as there was a shortage of electricity.
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2) solar panels for electricity is a waste of time [for me] = too many trees and birds around here that foul the panels + problems with the dc [deep cycle] batteries. Too much maintenance required. Cannot recommend that to anyone. Wonder what Anthony’s experience is? [I remember he put up a system]
Thank you for reading my post and commenting. I am not familiar with a solar geyser. From what you say I should add that I also want the government to provide free Maintenance, upgrade, and repair of the system for ever.. I live near the ocean in Southern California so freefing is not a problem but we do have to conserve on our water use. Trees are not really a problem where I live and the birds are not that bad. Some of the people in my neighborhood have solar panels but no batteries so they do not serve them off grid. I would like the solar panels to provide power if the grid goes down. I also need batteries to help charge the car at night. To be perfectly green I should require that the panels, batteries, associated electrical equipment, and the car be made entirely without the use of fossil fuels but such does not exist. I should also require that those who come to do the istallation come via transportation that does not envolve the use of fossil fuels in any way.
I believe we should make an effort to minimise the use of fossil fuels but not because of climate but because the supply of fossil fuels is finite. I would llike to add climate change as another reason to conserve but the AGW conjecture has too many holes in it to defend. The climate change we have been experiencing is caused by the sun and the oceans over which Mankind has no control. There is no real evidence that CO2 has any effect on climate and plenty of scientific rational to support the idea that the climate sensivity of CO2 is really zero. If CO2 really affected climate then the increase in CO2 over the past 30 years should have caused at least a measreable increase in the dry lapse rate in the troposphere but such has not happened. The AGW conjecture depends on a radiant greenhouse effect caused by the LWIR absorption properties of so called greenhouse but such a radiant greenhouse effect has not been obsereved anywhere in the solar system including Earth and Venus. Without the radiant greenhouse effect the AGW conjecture totally falls appart.
This article is a canard from beginning to end. OPIC is not spending tax dollars. It sources private capital. This project may be ill-intentioned and stupid, but it’s not costing the US taxpayer a dime. See here: “Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers.”
Its really hard to see how a solar electricity generator is going to pay back interest and capital in a third world without green subsidies from someone.
Here in Australia, a first world country, they have to be subsidised by other electricity users.
This financial package would be underwritten by the US taxpayer, presumably with an overseas or green climate fund guarantee.
One never knows who may benefit.
http://www.wnd.com/2016/08/hillary-helped-crook-get-10-million-for-haiti-scam/
There has to be a catch.
Just like Freddie Mac and Fannie Mae operated at no net cost to the American taxpayer, … until they didn’t. There is always a cost, otherwise private capital would be willing to invest, and this agency would not be required. That fact that it is “ill-intentioned and stupid”, means when it goes south, the private capital will be converted to public debt.
Posted along similar lines but lost in cyberspace.
If a solar plant in a third world country returns interest and capital someone else is paying.
In a first world country, like Australia, its some other poorer electricity user.
In a third world it will be coming from some green funded grant, as the locals can’t or would not pay anyway.
One such mechanism of graft is well known and featured in a recent local US election,
featuring OPIC.
No doubt Trump will be more careful with his money.
http://www.wnd.com/2016/08/hillary-helped-crook-get-10-million-for-haiti-scam/
Seriously?
You actually believe that providing “political risk insurance, loan guarantees, and direct loans to U.S. and foreign companies to encourage investment in developing and emerging economies” does not artificially lower the cost of such investments?
You actually believe that having the U.S. taxpayer assume a portion of the risk of the venture does not socialize risk and privatize profits?
You actually believe that regardless of the nature of the investment, OPIC is the embodiment of crony capitalism?
People can be ignorant, or stupid, or blinded by ideology but, worst of all, they can be intentionally deceitful.
I suspect Donald Trump has a long memory and the people ripping off USA tax payers in the final days of the Obama debacle will be paying for it .
Time to tell the traitor-in-chief to get………
At least, India has lots more of sunshine than we here in Germany. On average the same as Alaska.
Yet Germany gets enormous amounts of electricity from solar…
Solar, in such high northern latitudes? Really? lol Griff the “Renewable” court jester!
There is one thing (and probably only one thing) that governments do really well: pissing away money.
Would you believe there is one renewable energy system that actually works – It’s a farm in South Australia that uses a solar tower to desalinate sea water to feed a vast hydroponic tomato farm. It powers the whole factory – they currently use 15% off the grid but claim that will eventually be reduced to zero.
http://www.sundropfarms.com/