Muckety

Billionaires tapped Energy Department loans

By Laurie Bennett

November 17, 2011 at 6:46am

Much has been made of George Kaiser’s role in the Energy Department loan to now-bankrupt Solyndra.

Kaiser is one of the Obama bundlers whose investments benefitted from DOE loans or loan guarantees.

But he also belongs to another exclusive club: billionaires who received DOE backing.

View large map  |  View static map  |  Embed this map |  License Muckety technology

The Muckety map above shows four other such loans:

1. Agua Caliente Solar

The DOE provided a $967 million loan guarantee to this Arizona solar project in August. Members of the Walton family, heirs to the Wal-Mart fortune, are major investors in First Solar, the project contractor.

2. Kahuku Wind Power

The DOE approved a $117 million loan guarantee for this project in Hawaii. Kahuku Wind Power LLC is a subsidiary of First Wind, in which billionaire David E. Shaw is an investor. Shaw is also a fundraiser for Obama’s re-election bid.

3. Severstal Dearborn

In July, the department announced a $730 million conditional loan commitment to modernize a steel plant in Dearborn, MI. The site is owned by a subsidiary of OAO Severstal, whose CEO and controlling owner is Russian billionaire Alexei Mordashov.

4. Ford Motor Co.

The automaker borrowed $5.9 billion from DOE to introduce new technologies upgrade factories in five states. We should note that the Ford family, led by billionaire patriarch William Clay Ford Sr., holds less than 2 percent of the company shares.

Other links between billionaires and DOE loans:

  • Sergey Brin and Larry Page, founders of Google, which is a co-owner Caithness Shepherds Flat. The Oregon wind project received a partial guarantee of a $1.3 billion loan.
    • Follow Muckety on Twitter Tweet This! Share on Facebook

    Click here to sign up for the Muckety Newsletter

    Related stories on Muckety
    This post is tagged with: , , , , , , , , ,
     Read related stories: Energy · Recent Stories  

    1 Comments

    • #1.   Cynical but Realistic 11.17.2011

      I do not understand why this is so surprising. Multi-million dolar projects require Billion dollar companies to build them. Who do we suppose owns of Billion dollar companies? Billionaires!

    Leave a Comment
    The relationship map to the left is interactive.
    • Solid lines are current relations. Dotted lines are former relations.
    • Expand items with + signs by double-clicking or by selecting multiple items in the map and pressing the "e" key.
    • Move an item in the map by clicking and dragging.
    • You can also delete items, separate boxes and save maps. Right-click on the map or select Map Tools for these options.
    • Find out more about an item in the map by right-clicking on the item and choosing Information about...
    • View map color key.
    • This interactive map requires Flash player.


    Become a fan of Muckety on Facebook

    • Search for stories
        
      Muckety Newsletter
      Keep up with all things Muckety!
      Subscribe to our Muckety email newsletter for a list of recent stories and a glance at what's new.
      Email:
      Categories
      Special Features

    Follow Muckety on Twitter Follow Muckety on Twitter
    Muckety has no direct connection to most of the people or organizations listed on these pages.
    We are unable to forward personal messages or provide personal contact information.
    We make every effort at Muckety to ensure that our data is correct and timely. However, relationships are in constant flux and we cannot guarantee accuracy. If you come across incorrect or outdated information, please let us know by email.
    © 2012 Muckety LLC