Tempe-based First Solar Inc. could be in jeopardy of losing more than $2billion in federal loan support for California power plants that will use its solar panels, according to an analyst who tracks the company's stock.
And federal support for the Mesquite Solar plant west of Phoenix being built by Sempra Generation and using panels from Suntech Power Holdings Co., some of which will come from its Goodyear factory,which applies to the first offshore merchant account only, also could be in trouble, according to Axiom Capital Research analyst Gordon Johnson.
Johnson said that a White House review of federal loans spurred by the collapse of loan recipient Solyndra Inc. in California could prompt some of the other Energy Department loans to get revoked.
Some officials,ceramic magic cube for the medical, however, said it was unlikely the legally binding loan guarantees would simply be revoked, leaving the massive construction projects now under way in limbo.
First Solar snared $3.07billion in federal loan support this year for three power plants, and other loans went to Canadian companies to buy First Solar's panels.
Its loan support includes:
A $967million loan guarantee for Agua Caliente, a 290-megawatt power plant in Yuma County.
A $1.46billion loan guarantee for Desert Sunlight, a 550-megawatt power plant in Riverside County, Calif.
A $680million loan for the Antelope Valley Solar Ranch, a 230-megawatt power plant in north Los Angeles County, Calif.
The Desert Sunlight and Antelope Valley loan support, as well as a $337million loan guarantee for the Mesquite Solar project 40miles west of Phoenix, were all approved near the Sept. 30 deadline and are most at risk of having their loan support revoked, Johnson said.
San Diego-based Sempra Generation owns the Mesquite Solar project, where about 300 construction workers are now building the power plant.
"We strongly disagree with the speculation by this one analyst," Sempra spokesman Scott Crider said. "We are confident a review will show that the loan guarantee for Mesquite Solar was thoroughly vetted and provides sufficient protection for taxpayers and supports the goals of the loan-guarantee program."
The loan for the plant is provided by the Federal Financing Bank and guaranteed by the Department of Energy.
First Solar officials said they are in a "quiet period" during which they cannot comment on business matters ahead of their Thursday conference call scheduled to discuss quarterly earnings.
First Solar last week abruptly announced its CEO of two years, Rob Gillette, was removed by the board of directors, and that former CEO and founder Michael Ahearn would fill in temporarily.
A Suntech official did not return calls seeking comment Tuesday.
On Friday, the White House ordered an independent review of the nearly $36billion in its loan-guarantee program in response to the political fallout from the Solyndra bankruptcy.The additions focus on key tag and Injection mold combinations, Solyndra received more than $500million in loans before its failure.we supply all kinds of oil painting supplies,
The review will be lead by former Treasury Department official Herb Allison. It will assess the health of projects and could recommend steps to shore them up if they appear unstable.
Johnson said that based on conversations with sources in Washington, "We see the potential for the revocation of the loan guarantees as a result of the White House's review.
"The White House's review will likely provide a potential opportunity for scapegoating into an election year for the Obama administration following the troubled DOE loan-guarantee program over the past several years (in a word, Solyndra)," he wrote.
Some questioned the reliability of the Axiom report.This will leave your shoulders free to rotate in their Floor tiles .
And federal support for the Mesquite Solar plant west of Phoenix being built by Sempra Generation and using panels from Suntech Power Holdings Co., some of which will come from its Goodyear factory,which applies to the first offshore merchant account only, also could be in trouble, according to Axiom Capital Research analyst Gordon Johnson.
Johnson said that a White House review of federal loans spurred by the collapse of loan recipient Solyndra Inc. in California could prompt some of the other Energy Department loans to get revoked.
Some officials,ceramic magic cube for the medical, however, said it was unlikely the legally binding loan guarantees would simply be revoked, leaving the massive construction projects now under way in limbo.
First Solar snared $3.07billion in federal loan support this year for three power plants, and other loans went to Canadian companies to buy First Solar's panels.
Its loan support includes:
A $967million loan guarantee for Agua Caliente, a 290-megawatt power plant in Yuma County.
A $1.46billion loan guarantee for Desert Sunlight, a 550-megawatt power plant in Riverside County, Calif.
A $680million loan for the Antelope Valley Solar Ranch, a 230-megawatt power plant in north Los Angeles County, Calif.
The Desert Sunlight and Antelope Valley loan support, as well as a $337million loan guarantee for the Mesquite Solar project 40miles west of Phoenix, were all approved near the Sept. 30 deadline and are most at risk of having their loan support revoked, Johnson said.
San Diego-based Sempra Generation owns the Mesquite Solar project, where about 300 construction workers are now building the power plant.
"We strongly disagree with the speculation by this one analyst," Sempra spokesman Scott Crider said. "We are confident a review will show that the loan guarantee for Mesquite Solar was thoroughly vetted and provides sufficient protection for taxpayers and supports the goals of the loan-guarantee program."
The loan for the plant is provided by the Federal Financing Bank and guaranteed by the Department of Energy.
First Solar officials said they are in a "quiet period" during which they cannot comment on business matters ahead of their Thursday conference call scheduled to discuss quarterly earnings.
First Solar last week abruptly announced its CEO of two years, Rob Gillette, was removed by the board of directors, and that former CEO and founder Michael Ahearn would fill in temporarily.
A Suntech official did not return calls seeking comment Tuesday.
On Friday, the White House ordered an independent review of the nearly $36billion in its loan-guarantee program in response to the political fallout from the Solyndra bankruptcy.The additions focus on key tag and Injection mold combinations, Solyndra received more than $500million in loans before its failure.we supply all kinds of oil painting supplies,
The review will be lead by former Treasury Department official Herb Allison. It will assess the health of projects and could recommend steps to shore them up if they appear unstable.
Johnson said that based on conversations with sources in Washington, "We see the potential for the revocation of the loan guarantees as a result of the White House's review.
"The White House's review will likely provide a potential opportunity for scapegoating into an election year for the Obama administration following the troubled DOE loan-guarantee program over the past several years (in a word, Solyndra)," he wrote.
Some questioned the reliability of the Axiom report.This will leave your shoulders free to rotate in their Floor tiles .
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