Obama stimulus slows renewable projects

July 9, 2009

President Obama’s stimulus package is slowing the development of so-called “renewable energy” projects as developers shun private capital in hopes of getting better deals from the government.

The problem is that,

None of these incentives has yet been defined with specific rules and none of the programs are yet accepting applications…

And the rentseekers aren’t happy.

Matt Cheney, chief executive of Renewable Ventures, the U.S. subsidiary of Fotowatio SL, a Spanish developer of renewable-energy projects said of Obama’s stimulus program,

“It artificially slowed the recovery.”

Keshav Prasad, vice president of business development at Signet Solar Inc. added,

“We will not close on anything until we finally hear from the DOE on the loan guarantee.”

Bureaucracy thwarts rentseeking!

2 Responses to “Obama stimulus slows renewable projects”

  1. dublds Says:

    Here’s what I say to:

    “It artificially slowed the recovery.”

    1. What recovery? The stimulus is nothing but more DEBT

    2. What has slowed are government handouts to people who fail in the free market. Government handouts do not equal “recovery”.

    3. No amount of “recovery” is ever going to make renewables a viable source of energy. Fact is, no renewable energy source has even close to the energy density that hydrocarbons do and no amount of “recovery” will ever change that. The only thing it will change is how much money these (foreign owned) businesses leech from our government for never doing what can’t be done.

    Thank god for Obama’s incompetence. It’s at least delaying the inevitable collapse of our economy at the hands of freeloaders like this…

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