IT HAS HAPPENED: SunEdison Files for Chapter 11 Bankruptcy...the Decay of Maine's Turbine Litter Formally Underway

Governor Baldacci's darling company subsumed by a house of cards that has now collapsed.

Let's see how the Maine wind cartel, including all their handmaidens in the "environmental" groups spin this disaster. Meanwhile, the 500'+ tall turbines are all over our landscape and the process of decay is now formally underway. Thank you Governor Baldacci. Thank you Maine legislature. Thank you Maine "environmental" groups.

SunEdison has secured commitments for new capital totaling up to $300 million in debtor-in-possession (DIP) financing from a consortium of first and second lien lenders......SunEdison has filed its restructuring under chapter 11 of the U.S. Bankruptcy Code. A bankruptcy filing under chapter 11.........

http://www.streetinsider.com/Corporate+News/SunEdison+%28SUNE%29+Af...

PHOTO: Gov. John Baldacci views the Mars Hill wind farm developed by UPC Wind (later renamed First Wind) from the air on Tuesday, March 25, 2008. During a press conference at Big Rock Ski Area, Baldacci spoke highly of the benefits of wind energy and cited Mars Hill and new wind projects in Danforth and around the state as the future of renewable energy for Maine.

http://bangordailynews.com/2010/08/09/news/some-who-created-windpow...

Now in 2016, after setting in motion the wholesale destruction of Maine for this Enron-hatched scheme with all its attendant misery for Mainers, ex-Governor Baldacci is vice chairman of the second largest wind company in the United States, a company which is desperately trying to change the laws yet more in its 

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BDN, PPH and SJ: SunEdison files for Chapter 11 bankruptcy protection

The company acquired wind developer First Wind for $2.4 billion more than a year ago, giving it and its affiliated companies control over proposed and operating wind projects in Maine.

In addition, the company has become embroiled in disputes with its yieldcos, or publicly-traded subsidiaries that own and operate renewable energy assets, some of which were acquired from SunEdison.

One yieldco, TerraForm Global Inc., is suing SunEdison for breach of contract, alleging it misappropriated $231 million of TerraForm’s cash.

http://bangordailynews.com/2016/04/21/business/sunedison-files-for-...

and

http://www.pressherald.com/2016/04/21/one-time-star-in-solar-energy...

and

http://www.sunjournal.com/news/0001/11/30/sunedison-maine-wind-farm...

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Comment by Long Islander on April 23, 2016 at 2:34pm

Angus S. King, III
Angus S. King III is Vice President for Mergers and Acquisitions at SunEdison in Portland, Maine, a North American wind energy company focused exclusively on the development, ownership and operation of wind energy projects. King has a background in strategic management consulting, real estate development and politics. Formerly a principal at Evergreen Partners and vice president of development for the Wishcamper Group, firms focusi........

https://www.tpl.org/about/angus-s-king-iii

Comment by Frank J. Heller, MPA on April 23, 2016 at 1:08pm

I wonder if he got terminated, since it was unwise acquisitions which did in SunEdison?

"Angus S. King III is Vice President for Mergers and Acquisitions at SunEdison in Portland, Maine, a North American wind energy company focused exclusively ...."

Comment by Eric A. Tuttle on April 21, 2016 at 11:18am

Now, will we have the litter of uncompleted wind projects on Maine's landscape while this is figured out in the Courts, or will we The Maine Tax and ratepayers be left to assume control financing these ill begotten devices until completion? This may be perceived that Maine Citizens endorse this destructive behavior thus creating an End (they win) with a Means of deception. Either way Maine's landscape will forever endure the scars of destruction for those that can not or will not reduce energy consumption to our south. 

Comment by Barbara Durkin on April 21, 2016 at 10:54am

It's a very bad week for solar and its investors.  But, it's a time of sweet vindication for the self-educated and healthy skeptics who are trusting but have been unable to verify green promises made.  We don't deserve the burden of $5 billion in debt created by just two solar companies assisted by conflicted politicians, the media, snake-oil salesmen, by the feds and state government.  But it's all ours.  And, who will assume responsibility for the the environmental damage they have caused? 

Interesting clips below from-

http://berta.com/2016/04/06/robert-bryce-pwrhungry-on-the-sunedison...

To summarize:

In all, Abengoa got some $2.6 billion in federal loans and loan guarantees as well as $986 million in federal grants and tax credits. Thus, between the collapse of Abengoa and the looming bankruptcy of SunEdison, federal taxpayers have shelled out some $5 billion in direct grants and loan guarantees to lousy management teams in subsidy-dependent businesses that would never have grown to their current size had they not been able to binge on taxpayer cash.

5 billion dollars in direct grants and loan guarantees to companies which went bankrupt very quickly, regardless of how much taxpayer’s money has been shelled by the government. 5 billion dollars.

In closing:

Critics of the federal government’s support for “clean energy” companies have repeatedly claimed that the government shouldn’t be “picking winners.” To that, I can only say that the evidence — from the failed solar company Solyndra and failed battery companies like Ener1 and A123 to SunEdison and Abengoa — proves that the government hasn’t in fact, been picking winners. Quite the opposite.

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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 -- Mahatma Gandhi

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Vince Lombardi 

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