Time to Revisit the Way Maine Assesses Financial Capacity of Wind Developers

First Wind, forced wind, failed wind.........Decommisioning funds are wholly inadequate. When the subsidies run out, wind developers will walk away from their taxpayer money harvesting contraptions leaving a befouled Maine landscape. And the legislature is not doing anything about it. In fact, a predecessor legislature and a wind insider Gov Baldacci caused this scourge. The wind company "executives" will move onto their next fast buck somewhere and the so called Maine environmental groups will support the next pillagers in return for money, money money. And the Mainers will be left with countless ridges of rusting junk piles. Why is the Maine media not all over the spectacular failure of their long time darling, First Wind-SunEdison? This is all over the national news - just about everywhere except Maine, where they have most of their wind projects.

D.E. Shaw & Madison Dearborn sue TerraForm Power, SunEdison over debts in First Wind Deal

Under the First Wind deal, SunEdison and TerraForm Power bought 500 megawatts of operating wind farms, 21 megawatts of operating solar farms and 1.6 gigawatts of development-stage projects. They deferred about $510 million in earn-out project payments, and about $231 million of that amount remains unpaid. That’s the amount D.E. Shaw and Madison Dearborn Capital are seeking from TerraForm Power, which also was one of the buyers and shares responsibility for the debt, according to the suit.........The case involving the First Wind deal is D.E. Shaw Composite Holdings LLC v. TerraForm Power LLC, 651752/2016, New York State Supreme Court, New York County. The other case is TerraForm Global Inc. v. SunEdison Inc., No. 12159, Delaware Chancery Court (Wilmington).

http://www.bloomberg.com/news/articles/2016-04-04/sunedison-s-terra...

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Comment by Eric A. Tuttle on April 4, 2016 at 7:30pm

Terraform Global Inc sued its parent and controlling stockholder, SunEdison Inc, for breach of contract on Monday, alleging the struggling renewable energy company misappropriated $231 million of Terraform's cash, according to a filing in a Delaware court. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Chizu Nomiyama)

http://www.reuters.com/article/terraform-sunedison-lawsuit-idUSL2N1...

Comment by arthur qwenk on April 4, 2016 at 6:32pm

Let's hope Paul Gaynor , Kurt Adams , and Angus King Jr are under investigation as well, with the rest of the First Wind scoundrels. How are the Hinck's reacting?

Comment by Eric A. Tuttle on April 4, 2016 at 5:12pm

Now this is a strange cat.... Terraform Global suing its creator SunEdison.  For what? Terraform Power I may understand a bit better since SUNE seems to be the solar subsidiary. Maybe it is the Investors that are suing TGlobal that are driving this back to the top of the house of cards?

Hannah Pingree on the Maine expedited wind law

Hannah Pingree - Director of Maine's Office of Innovation and the Future

"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."

https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/

 

Maine as Third World Country:

CMP Transmission Rate Skyrockets 19.6% Due to Wind Power

 

Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.

Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT

******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********

(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/

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