As Harry touts another Chinese ‘green’ energy firm, what happened to the last one?

Harry Reid asks a question at ENN Solar plant in China during recent junket.

Now Harry Reid and others — including his former Senate running buddy Dick Bryan — are talking up the sale of land near Laughlin for ENN Solar to build a solar photovoltaics factory and an adjacent solar panel array on 5,000 acres the county would sell the Chinese company at cut-rate. There would be other incentives, too.

Dick Bryan represents ENN Solar in front of county commission.

Reid visited an ENN Solar facility during his visit to China. Harry said we can learn much from the Chinese about “green” energy.

Everything is sweetness and light, but … wait a minute, wasn’t Harry talking up the promise of a Chinese company building a wind turbine manufacturing plant in Southern Nevada less than two years ago, having his picture taken with top company execs? The plant would provide 1,000 jobs, Harry said. That’s right. A-Power Energy Generation Systems was going to build a plant here and put a wind farm in Texas in partnership with some Texas high rollers know to contribute heavily to Democrats in general and Harry specifically.

About a month ago I reported that A-Powers stock had hit a 52-week low and was trading at $2.77 a share, down from $9.50.

Well, now it is not trading at all.

Harry Reid with A-Power execs announcing wind turbine plant in Nevada.

Class-action lawsuits have been filed in California and Nevada alleging A-Power violated federal securities laws, accusing the company of issuing a series of material misrepresentations that inflated its market price. A-Power has also shaken up its executive staffing. It’s CFO is stepping down. The chart of the company’s stock looks like the western slope of the Rockies.

AP reported: “A-Power Energy Generation Systems, Ltd. said its chief financial officer is stepping down as the company scrambles to hire an independent auditor and file disclosure forms with U.S. regulators. …

“A-Power said June 27 that its independent auditor, a company called MSCM LLP, quit because A-Power had not hired an independent forensic accounting firm to evaluate certain business transactions.

“The auditor’s departure meant A-Power could not file its 2010 annual report with the U.S. Securities and Exchange Commission on time on June 30. The company said July 1 that it would file the report as soon as it hires a new auditor.”

But surely this ENN Solar plant will work out, right?

7 comments on “As Harry touts another Chinese ‘green’ energy firm, what happened to the last one?

  1. Steve says:

    Well said.

  2. […] comes on the heels of the total collapse of A-Power Energy, a Chinese firm that promised to build a wind turbine manufacturing plant in Southern Nevada and hire 1,000 workers. Of course, the ever-gullible county commission is still […]

  3. […] I noted that shares of A-Power stock had plummeted in price and trading had been halted. This past week the company reported it is being […]

  4. […] credited Harry Reid for steering the project to Nevada. “We’re at the focal center of the renewable energy revolution,” Salazar was […]

  5. […] credited Harry Reid for steering the project to Nevada. “We’re at the focal center of the renewable energy revolution,” Salazar was […]

  6. […] American companies that go broke, you’re subsidizing a Chinese firm, some of which have been known to go broke. Share this:ShareDiggRedditStumbleUponTwitterFacebookEmailPrintLinkedInLike this:LikeBe the first […]

  7. […] U.S. Olympians, suggesting the uniforms should be piled up and burned, people have forgotten his cozy deal with a Chinese billionaire to put a $5 billion solar panel farm and manufacturing plant near Laughlin on public land purchased […]

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