Miss. rolls dice by making high-risk wagers on green energy with taxpayer money

March 26, 2014 by  
Filed under Green Energy News

FILE: Then-Gov. Haley Barbour gestures to lawmakers that they take their seats and cease their applause so he can deliver his eighth and final State of the State address.AP

Companies have placed high-risk wagers with Mississippi tax dollars on green energy. Now, those bets are coming due.

Two examples of the risks of taxpayer-funded green energy projects in the Magnolia State were both approved by former Gov. Haley Barbour.

Mississippi’s KiOR facility — built with an investment of $75 million by taxpayers — is idled with its owners in serious financial jeopardy. The company said last week in a filing with the SEC it has doubts about its ability to secure more investment to fund its operations and “continue as a going concern.”

Twin Creeks solar plant in Senatobia opened in 2011, but closed the next year. The plant, funded partially with a $26 million state loan, was designed to build ultra-thin silicon wafers used in solar panels. It failed after a few months of operations and the company settled a lawsuit last year with the state to pay back the loan.

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