The green energy industry is a massive transfer of wealth to politically connected insiders.
That’s why it pays to be in tight with the sitting President.
Now Joe Biden is scared as hell after he was caught in this awful green energy scandal.
Joe Biden’s green energy giveaway lines the pockets of his friends
Boosting green energy has been the top priority in President Joe Biden’s bloated spending bills.
He’s showered the green energy industry with taxpayer money.
And that’s made some of his political allies big winners.
Biden’s wildly misnamed Inflation Reduction Act was a Trojan Horse that spent nearly one trillion on Green New Deal policies.
First Solar is the largest American manufacturer of solar panels.
Executives, employees, and investors in the solar company donated $1.5 million to Biden’s 2020 Presidential campaign.
First Solar then spent $2.8 million lobbying the Biden administration and Congress while Democrats debated passing a massive climate change bill that became known as the Inflation Reduction Act.
Executives and lobbyists met with White House officials at least four times, including John Podesta – who’s overseeing implementation of the Inflation Reduction Act – after Biden signed the bill into law in 2022.
“Since then, First Solar’s stock price has doubled and its profits have soared thanks to new federal subsidies that could be worth as much as $10 billion over a decade,” the Associated Press reported. “The company will benefit from billions of dollars in lucrative tax credits for domestic clean energy manufacturers.”
Solar company wins big after getting on the government gravy train
The stock price of First Solar has doubled after Biden signed the Inflation Reduction Act into law in 2022.
Green energy can’t stand on its own because it’s not competitive with reliable sources of energy like natural gas and coal.
Former President Barack Obama and Biden have funneled more than one trillion dollars into the solar industry under the cover of fighting climate change.
First Solar began building a relationship with Democrats during the Obama administration.
One of the biggest benefits to the company from the Inflation Reduction Act has nothing to do with solar panels.
First Solar sold nearly $650 million in federal tax credits to a Big Tech company last December.
“But because these incentives are essentially discounts on a company’s federal tax bill, their value to a clean energy manufacturer is limited by how much the firm owes in taxes. The Inflation Reduction Act lets companies get around these limitations by enabling them to sell the tax credits they earn on an open market to any company looking to shave down its tax bill,” Canary Media reported.
Investors in First Solar saw the value of their shares in the company’s stock soar.
Quark co-founder Farhad Ebrahimi owns roughly 5% of First Solar’s stock as an early investor in the company.
He donated at least one million dollars to Biden’s 2020 campaign according to federal campaign finance records.
And Ebrahimi was added to the Forbes billionaires list largely due to the surging price of his First Solar stock.
Joe Biden is using climate change as cover to reward his politically connected insiders.
