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April 14, 2014

Solar Firms Seek More Cash

Burn through a half billion dollars.

Two California companies, Sequoia Pacific Solar and Eiger Lease Co., are suing the Treasury for withholding $14.6 million in cash grants after the parent company, SolarCity, burned through $244 million in tax incentives dating back to 2009. Despite the quarter billion in taxpayer dollars, all they have to show for it is a whopping $166 million in debt. No wonder they’re desperate. According to the lawsuit, Treasury “improperly changed the rules.” Federal officials, however, say that SolarCity inflated sales contracts to obtain more taxpayer dollars. They’re also accused of deceiving shareholders and releasing erroneous financial reports. The fact the feds are providing “green” incentives at all is ridiculous enough, especially in the wake of boondoggles like Solyndra. But as Hot Air’s Jazz Shaw adds, “[I]s this a private company which is intended to show a profit in the marketplace or a non-profit charity which is only expected to live off the teat of the taxpayer? Well, okay… the ‘non-profit’ part is probably pretty obvious.”

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