Assemblyman Brian Nestande challenges Congressman Raul Ruiz in the 36th District
Assemblyman Brian Nestande kicked off his campaign for US Congress on June 6 hosting a reception for about 100 supporters, family and friends.
Brian spoke about the path that he, his wife Gina, and their 7 children made in coming to the decision that he would run for Congress.
The arrogance of government and crony capitalism are things that he intends to thwart. He sited the recent example of Solyndra.
Failing to pass solar initiative legislation for three consecutive years in Sacramento; the California Public Utilities Commission (CPUC) used their administrative power to create the California Solar Initiative (CSI) in 2006, which had a goal of one million solar roofs by 2016. This Initiative is a rebate program for businesses and homeowners that install solar energygenerating products. Consumers of electric company providers such as Southern California Edison and Imperial Irrigation pay for the rebate program. Their budget from 2007 – 2016 is over $2 Billion.
California lawmakers passed a severe renewable energy law, the Renewable Portfolio Standard (RPS).
It currently requires the state’s electric utilities to generate at least thirty three percent of their energy from renewable resources such as wind farms, geothermal
plants, biogas facilities, and solar by 2020.
Solyndra was a start up company based in Fremont California that manufactured cylindrical panels of solar cells. They wanted to capitalize on the goals of the CPUC and the RPS; but they needed funding.
Venture capitalists provide early-stage, high-potential, high-risk companies with private money by purchasing a percentage of the company, becoming equity
owners. They weigh risk reward ratios before investing.
Equity from a variety of early stage companies is pooled into a fund. The fund shares are then sold to qualified sophisticated investors. Venture Capital firms turned Solyndra down