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| Economy |
| Another "Green Jobs" success story...or not |
| 2011-01-13 |
| Gov. Deval Patrick defended his decision to sink some $60 million in taxpayer funds into a solar panel factory he once called a "symbol" of the Bay State's economic future that announced yesterday it is closing and laying off 800 workers. Well, I can't say he was lying. Sounds like a perfect "symbol" of Massachusetts' economic future under Deval's leadership. In one of the largest direct investments in a company in state history, Patrick bet heavily on the success of Evergreen Solar Inc., located at the former Ft. Devens military base, a move that drew fierce criticism during his campaign for re-election. Yesterday, he lost that bet. Gee, they managed to hold on until just after the election... "I'm obviously deeply disappointed," Patrick told the Herald, referring to Evergreen's decision to close the manufacturing plant. But at least I still have a job... Asked whether it was a mistake to bet millions on the firm, Patrick said, "No, no. First of all, we have clawback provisions," referring to a series of strings attached to the tax credits and incentives, which included a $1-per-year lease at a site that would have otherwise cost millions. Ah..."clawback" provisions. Which means you'll need a crowbar to get the money back. The Patrick administration offered Evergreen more than $76 million in incentives, but the company ultimately accepted about $58 million in aid in 2007 - the bulk of which included tax incentives and direct grants, along with a $5 million loan and a $13 million grant for infrastructure improvements to support the Devens plant. Top state officials said yesterday they were confident they would recoup "a significant portion" of the money, but would not give estimates. Yes, yes...significant! How much? Harrrrumph harrrrumph harrrrumph... Evergreen has been steadily shifting jobs to its facility in lower-cost China, Well at least somebody is getting green jobs... but until today had indicated its Massachusetts operations would continue, giving Patrick no prior warning of the closure. Surprise! Evergreen CEO Michael El-Hillow said another drop in solar panel prices forced the company to scrap its Devens facility."Although production costs at our Devens facility have steadily decreased, and are now below originally planned levels and lower than most Western manufacturers, they are still much higher than those of our low-cost competitors in China," El-Hillow said in a statement. Patrick indicated little regret over the investment. He added, "I think we did what we could have and should have." Besides, it's not his money... |
| Posted by:tu3031 |