Remember Solyndra? Clean Energy Program Hated by the GOP Is Projecting a $5 Billion Profit [View all]

[eridani]

http://readersupportednews.org/opinion2/277-75/27769-clean-energy-program-hated-by-the-gop-is-projecting-a-5-billion-profit

Despite the program's failures, the department now projects a profit of between $5 billion and $6 billion over the next 20 to 25 years. Overall, 20 of the program's 30 enterprises are operating and generating revenues so far, according to the department.

The successful projects include a site in Alamosa, Colorado, that is the world's largest generator of high concentration photovalic energy, which is a type of solar power. The operator, power company Cogentrix, has 10 permanent operations positions in addition to supply line jobs.

Overall, the Department of Energy claims the program has created or saved roughly 35,000 permanent jobs.

Republicans have argued that the investments are risky and the program mismanaged, as Solyndra demonstrated, though improvements have been made.

"We are not out of the woods by any stretch," said Michigan Rep. Fred Upton, chairman of the House Energy and Commerce Committee. "Our oversight efforts will continue as problems still persist, and more needs to be done to protect billions of dollars in taxpayer interests."

But supporters say government investment is necessary for innovative energy enterprises.

"It's very hard to get commercial scale financing, especially for these types of projects," said Nancy Pfund, a managing partner with DBL Investor, a San Francisco-based venture capital company with holdings in two companies backed by the program. "It's been a very positive force in that respect."