State out $16m in Schott Solar closure: “It’s infuriating,” Susana says UPDATE: State will get $3.3m in clawbacks

By Rob Nikolewski on July 1, 2012

Update 1/7/13: The New Mexico Finance Authority says the state will receive $3.3 million in clawbacks from Schott Solar. According to Albuquerque Business First, Schott will make a $3.3 million payment in 2016 to Finance New Mexico, a subsidary of the finance authority. Click here to read the story.
Back on Thursday night (June 28), [...]

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Tall Tales from Solar Valley, Part III of the Green2V Story

By Jim Scarantino on August 4, 2010

BILL RICHARDSON’S DUE DILIGENCE ON GREEN2V, or “GOOD ENOUGH FOR GOVERNMENT WORK IN SOLAR VALLEY.”
It took only a single personal meeting for New Mexico Governor Bill Richardson to line up state government behind solar wannabe Green2v.  He was armed with a “confidential backgrounder” describing the company’s plans to revolutionize the solar industry from top to [...]

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Tall Tales from Solar Valley, NM Part II of the Green2V Story

By Jim Scarantino on July 20, 2010

For a company that had already landed $1.5 billion in industrial revenue bonds from an Arizona city, solar start-up Green2V should have at least had a website.  And the investment firm that procured that deal for the company, one would think, would have had more in the way of corporate offices than a couple of [...]

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Tall Tales from Solar Valley, New Mexico: Part I of the Green2V Story

By Jim Scarantino on July 18, 2010

“I HAVE RAISED A LOT OF MONEY FOR BILL THROUGHOUT THE YEARS.  I WANT TO SEE HIM BACK IN WASHINGTON (REAL SOON).”
That was how Gil M. Olguin, Sr., J.D., wrapped up an e-mail to the chief of staff of New Mexico Governor Bill Richardson.  Olguin was presenting himself as head of an investment firm behind [...]

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Rio Rancho Solar Plant On Hold

By Jim Scarantino on June 1, 2010

Sunny Promises Eclipsed by Reality of No Money
The huge new solar plant was going to be “fast-tracked.”  The City of Rio Rancho would cobble funds from dozens of projects to build roads and sewers to serve a million square-foot plant that would employ 1,500.  Eventually 3,000 people around the state would be employed by this [...]

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More Mystery on Source of $500 Million for Rio Rancho Green2V Solar Plant [Updated]

By Jim Scarantino on May 26, 2010

Mystery continues to surround GP3, the supposed source of half a billion dollars for industrial revenue bonds to back a proposed huge solar plant in Rio Rancho for a company called Green2V.  We can help.  We have a phone number and an e-mail contact.  Curiously, the number belongs not only to a representative of GP3, [...]

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Rio Rancho Issues Statement on Green2V Bonding Controversy

By Jim Scarantino on May 7, 2010

The City of Rio Rancho has issued a formal statement and responses to some of our questions on the controversy surrounding Green2V and is mysterious financial backer, GP3.
We received the following statement from Peter Wells, the city’s Chief Communications Officer, on behalf of City Manager James Jimenez:
On April 14, 2010, the Governing Body approved an [...]

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More on Green2V’s Curious Letter of Credit for Rio Rancho Bonds

By Jim Scarantino on May 7, 2010

A company that says it has $500 million literally in the bank should be able to show bank records confirming that claim.  The firm that has issued a letter of credit to buy that sum of industrial revenue bonds to be issued by Rio Rancho for solar start-up Green2V says it has that kind of [...]

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Green2V’s Very Curious $500 Million Letter of Credit for Rio Rancho Bonds

By Jim Scarantino on May 3, 2010

SENT FROM A UPS STORE TO A BUSINESS THAT HAS ITS CORPORATE OFFICES IN ANOTHER UPS STORE
How impressed would you be with a letter of credit from a company no one has heard of, which does not exist according to the California Secretary of State, which has no return address, or e-mail or phone contacts…signed [...]

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Company Presenting $500 Million Letter of Credit for Green2V Rio Rancho Bonds HQ’d in UPS Store in Las Vegas

By Jim Scarantino on May 1, 2010

AND COMPANY PLEDGING TO BUY BONDS DOES NOT EXIST ACCORDING TO CALIFORNIA RECORDS,
UPDATED WITH NEW INFORMATION FROM LAS VEGAS, NV
Rio Rancho has stated its intention to issue $500 million in industrial revenue bonds on the basis of a letter of credit presented by a company with its headquarters in a UPS store in Las Vegas, [...]

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