One of the world's largest renewable energy companies is imploding and it looks pretty clear that it was more or less a fraud...
For a company that makes money turning sunlight into electricity, Abengoa shows a troglodytic aversion to transparency -- as investors are now finding out to their cost.
The Spanish builder and operator of renewable energy projects is to take the first step in filing for protection from its creditors, after a potential white knight savior abandoned a promise to invest 350 million euros ($371 million) to ensure its survival. But the root causes of its problems go back much further than that.Basic economics...subsidies attract entities whose purpose is to capture those subsidies. When policymakers establish subsidies, we are more likely to get fraudulent organizations whose sole purpose is to rake in available subsidy resources than to get an honest, but nascent, organization that just needs a like short term assistance. See Solyndra. Now we have Abengoa.