Biden’s Green Energy ‘Boondoggle’ Axed: $4.9B Grain Belt Loan Guarantee Killed

The Department of Energy axed a massive $4.9 billion loan guarantee for a controversial wind energy conversion project last week. The Grain Belt Express, an 800-mile conversion line meant to carry wind power from Kansas to Indiana, got the boot after officials determined its financial conditions weren’t likely to be met. Talk about bad timing for green energy fans.

The loan guarantee, issued in the twilight days of Biden’s administration right after the election, was supposed to help developer Invenergy build phase one of the project. The conversion line would’ve carried about 5,000 megawatts of wind power across four states. Now? Not Uncle Sam’s problem anymore.

Biden’s green checkbook closed mid-handshake, leaving Invenergy’s 5,000 megawatt dream in the wind without Uncle Sam’s backing.

DOE officials didn’t mince words. The project simply wasn’t “critical” for federal support. They’re reviewing nearly $100 billion in loans from late 2024 to early 2025. Taxpayer stewardship and all that jazz.

Missouri politicians couldn’t contain their glee. Senator Josh Hawley and Attorney General Andrew Bailey practically threw a parade, calling the project a “Green New Deal boondoggle.”

Can’t blame them entirely. The line would cross eight Missouri counties without providing them a single kilowatt of electricity. Some deal.

The real winners? Farmers and landowners who fought against it. The project required grabbing about 1,700 parcels of land, and many rural folks weren’t having it. Eminent domain is never popular, especially when corporate suits come knocking. These landowners organized, protested, and fought back through legal channels as the project advanced.

Bailey has launched a formal investigation into Invenergy’s claims about estimated costs and potential consumer savings presented to the Missouri Public Service Commission.

Invenergy has vowed to move forward by seeking private financing despite this significant setback to their plans.

Post-cancellation, the DOE’s trying to sound responsible. They’re promising “lower risk tolerance” and “heightened scrutiny” for future loans. They claim they’ll focus on affordable energy that somehow advances “U.S. energy dominance.” Whatever that means.

For Grain Belt Express, the future’s murky. Without federal backing, its timeline, funding, and overall viability are big question marks. Just another day in America’s complicated energy conversion. This outcome may benefit California families already facing energy poverty due to costly renewable mandates. Green dreams meet red tape.