U.S. Congressman MIKE POMPEO, Representing the 4th District of Kansas

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Pompeo: Bankruptcy of Abengoa Energy Company Could Put Billions at Risk

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Washington, December 4, 2015 | comments

December 4, 2015
Contact: Caroline Taylor
(202) 225-6216 (Office)
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Pompeo: Bankruptcy of Abengoa Energy Company Could Put Billions at Risk

Bankruptcy of foreign company propped up by Department of Energy loans could inflict significant harm on American taxpayers

WASHINGTON, D.C. – This week, Congressman Mike Pompeo (R-Kan.) sent a letter to Secretary of Energy Ernest Moniz and Secretary of the Treasury Jack Lew requesting information on how the bankruptcy of Abengoa would impact American taxpayers.  Abengoa, a Spanish energy company whose largest creditor is the U.S. government, has received $2.7 billion in Department of Energy loan guarantees for solar and biofuel projects.  In the letter, Pompeo requests that Moniz and Lew explain the Department of Energy and Department of Treasury’s plan for settling Abengoa’s debt, without putting the burden of covering the cost on Kansans and Americans. 

“Abengoa’s bankruptcy is a glaring example of how the president’s green loan program puts billions of taxpayer dollars at risk for no return,” said Pompeo, who serves on the House Energy and Commerce Committee.  “We have been down this road before.  Except this time, instead of losing millions, the American people could be on the hook for billions of dollars in loan guarantees made for projects owned by a single foreign company, as the U.S. government is the single largest creditor to this company that will likely become the largest bankruptcy case in Spain’s history.”

Pompeo continued, “Meanwhile, President Obama is in Paris talking about doubling United States spending on green energy programs.  American taxpayers don’t go to work every day so the president can gamble away their earnings on green energy projects.  We need answers for why this president hasn’t learned the simple lesson that you can’t continue doubling down on failure.”

The full text of the letter may be found here.


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Tags: Energy