Citizens' Task Force on Wind Power - Maine

PPH - With partnership in limbo, First Wind seeks to borrow $75 million

With partnership in limbo, First Wind seeks to borrow $75 million

By Tux Turkel tturkel@pressherald.com

Staff Writer

EXCERPTS:

At stake is progress on a $400 million wind farm that First Wind began last fall in the Aroostook County town of Oakfield, and money to advance projects in Bingham and remote sites in Hancock and Washington counties.

First Wind was in better financial shape until last month, thanks to a $333 million joint venture with Halifax, Nova Scotia-based Emera Inc., the parent company of utilities in Bangor and Presque Isle. The legality of the partnership was left in doubt when the Maine Supreme Judicial Court ruled that the Maine Public Utilities Commission wrongly approved the deal in 2012.

First Wind’s borrowing plan came to light last week in a press release the company sent only to business-news outlets. The release didn’t go to newspapers in Maine.

“It’s not the kind of thing we send to folks proactively,” Lamontagne said. “It’s not particularly interesting or newsworthy.”

“Because we currently rate First Wind lower than Northeast Wind, it’s possible we would downgrade the company,” Standard & Poor’s said in a statement last month.

Lamontagne said he couldn’t discuss the Standard & Poor’s ratings.

Please read the entire article at:

http://www.pressherald.com/news/With_partnership_in_limbo__First_Wi...

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Ever wonder why wind companies would rather pay more to lease the land instead of buying the land and the responsibilities of ownership?

When a project collapses and Mainers are stuck with the bill, there may not be any First Wind to blame, just a tiny LLC and large numbers of people feeling had, a scarred environment, deep rifts between neighbors and neighboring towns, higher electricity rates, a larger legacy of debt for our children and grandchildren and "leadership" at so called Maine environmental groups frantically wondering how they are going to replace any lost revenues.

The list of First Wind subsidiaries below is from a First Wind SEC filing on 10/22/10.

A few days later we read:

First Wind pulls IPO

NEW YORK/BOSTON, Oct 28 (Reuters) - Wind farm owner and operator First Wind Holdings Inc canceled its IPO after cutting its expected price range by 24 percent and facing investor skepticism about its balance sheet and wind industry financing.

http://www.reuters.com/article/2010/10/28/ipos-idUSN282778882010102...

http://www.masshightech.com/stories/2010/10/25/daily36-First-Wind-I...

http://www.boston.com/business/articles/2010/10/29/first_wind_ipo_s...

http://www.bizjournals.com/boston/news/2010/10/27/first-wind-cuts-i...

http://www.newenergyworldnetwork.com/investor-news/renewable-energy...

List of Subsidiaries

The following list includes all subsidiaries owned directly or indirectly by First Wind Holdings, LLC, a Delaware limited liability company.

Name of Subsidiary	Jursidiction of Incorporation or Organization	First Wind Holdings, LLC Ownership Interest
Antelope Run, LLC	Delaware	100%
Baseline Wind, LLC	Delaware	100%
Beaverdam Run, LLC	Delaware	100%
Beech Wind, LLC	Delaware	100%
Big Apple Holdings, LLC	Delaware	100%
Big Prairie, LLC	Delaware	100%
Blue Sky East, LLC	Delaware	100%
Blue Sky West, LLC	Delaware	100%
Buckhorn Wind, LLC	Delaware	100%
Canada Wind Partners, LLC	Delaware	100%
Canada Wind, LLC	Delaware	100%
Canandaigua Power Partners II, LLC	Delaware	100%
Canandaigua Power Partners, LLC	Delaware	100%
Cedar Hills Wind, LLC	Delaware	100%
Cerro Wind Power, LLC	Delaware	100%
Champlain Wind, LLC	Delaware	100%
Coyote Trail Wind, LLC	Delaware	100%
CSSW Cohocton Holdings, LLC	Delaware	100%
CSSW Holdings, LLC	Delaware	100%
CSSW Steel Winds Holdings, LLC	Delaware	100%
CSSW Stetson Holdings, LLC	Delaware	100%
CSSW, LLC	Delaware	100%
Dark Harbour Wind II, ULC	Novia Scotia	100%
Dark Harbour Wind, LLC	Delaware	100%
Dark Harbour Wind, ULC	Novia Scotia	100%
Deepwater Wind, LLC	Delaware	First Wind Holdings, LLC - Approximately 10.3%
Desert Sage Wind, LLC	Delaware	100%
Dwight Creek, LLC	Delaware	100%
Erie Wind, LLC	Delaware	100%
Evergreen Gen Lead, LLC	Delaware	100%
Evergreen Wind Power II, LLC	Delaware	100%
Evergreen Wind Power III, LLC	Delaware	100%
Evergreen Wind Power V, LLC	Delaware	100%
Evergreen Wind Power, LLC	Delaware	Maine Wind Partners, LLC - 53.63%
First Wind Acquisition II, LLC	Delaware	100%
First Wind Acquisition III, LLC	Delaware	100%
First Wind Acquisition IV, LLC	Delaware	100%
First Wind Acquisition V, LLC	Delaware	100%
First Wind Acquisition, LLC	Delaware	100%
First Wind California Holdings, LLC	Delaware	100%
First Wind Canada, ULC.	Novia Scotia	100%
First Wind Colorado Holdings, LLC	Delaware	100%
First Wind Connecticut Holdings, LLC	Delaware	100%
First Wind Construction, LLC	Delaware	100%
First Wind Energy Marketing, LLC	Delaware	100%
First Wind Energy, LLC	Delaware	First Wind Holdings, LLC - 99%
First Wind Holdings Inc.	Delaware	100%
First Wind Holdings, LLC	Delaware	100%
First Wind Kahuku Holdings, LLC	Delaware	100%
First Wind Maine Holdings, LLC	Delaware	100%
First Wind Mass Holdings, LLC	Delaware	100%
First Wind Merger, LLC	Delaware	100%
First Wind New Hampshire Holdings, LLC	Delaware	100%
First Wind New Mexico Holdings, LLC	Delaware	100%
First Wind New York Holdings, LLC	Delaware	100%

First Wind O&M Battery Services, LLC	Delaware	100%
First Wind O&M Facilities Management, LLC	Delaware	100%
First Wind O&M, LLC	Delaware	100%
First Wind Oregon Holdings, LLC	Delaware	100%
First Wind Penn Holdings, LLC	Delaware	100%
First Wind Prospects, LLC	Delaware	100%
First Wind Rollins Holdings, LLC	Delaware	100%
First Wind Steuben, LLC	Delaware	100%
First Wind Utah Holdings, LLC	Delaware	100%
First Wind Vermont Holdings, LLC	Delaware	100%
First Wind Vermont, LLC	Delaware	100%
First Wind Washington Holdings, LLC	Delaware	100%
First Wind West Virginia Holdings, LLC	Delaware	100%
First Wind Wyoming Holdings, LLC	Delaware	100%
Frontier Wind Express, LLC	Delaware	100%
Gallo Canyon Wind, LLC	Delaware	100%
Garvie Mountain Wind, LLC	Delaware	100%
Grand View Winds, LLC	Delaware	100%
GreenMountain Wind, LLC	Delaware	100%
Greyback Wind, LLC	Delaware	100%
Hawaii Holdings, LLC	Delaware	First Wind Holdings, LLC - 92%
Hawaii Wind Holdings, LLC	Delaware	100%
Hawaii Wind Partners II, LLC	Delaware	100%
Hawaii Wind Partners, LLC	Delaware	First Wind Holdings, LLC - 51%
Housatonic Wind, LLC	Delaware	100%
Ikaika Wind Power, LLC	Delaware	100%
Indigo Winds, LLC	Delaware	100%
Inland Wind, LLC	Delaware	100%
Kaheawa Wind Power II, LLC	Delaware	100%
Kaheawa Wind Power, LLC	Delaware	100%
Kahuku Holdings, LLC	Delaware	First Wind Kahuku Holdings, LLC - 92%
Kahuku Wind Power II, LLC	Delaware	100%
Kahuku Wind Power, LLC	Delaware	100%
Kauai Wind Power, LLC	Delaware	100%
Kawailoa Wind, LLC	Delaware	100%
Kennebec Wind, LLC	Delaware	100%
Kupa’a Wind Holdings, LLC	Delaware	100%
Latah Wind, LLC	Delaware	100%
Little Mountain, LLC	Delaware	100%
Lone Pine Wind, LLC	Delaware	100%
Longfellow Wind, LLC	Delaware	100%
Maine GenLead, LLC	Delaware	100%
Maine Wind Holdings, LLC	Delaware	100%
Maine Wind Partners II, LLC	Delaware	100%
Maine Wind Partners, LLC	Delaware	100%
Mars Hill Partners, LLC	Delaware	100%
Milford Gen Lead, LLC	Delaware	100%
Milford II Holdings, LLC	Delaware	100%
Milford II Utah Holdings, LLC	Delaware	100%
Milford NHC, LLC	Delaware	100%
Milford Wind Corridor Phase I, LLC	Delaware	100%
Milford Wind Corridor Phase II, LLC	Delaware	100%
Milford Wind Corridor Phase III, LLC	Delaware	100%
Milford Wind Corridor Phase IV, LLC	Delaware	100%
Milford Wind Corridor Phase V, LLC	Delaware	100%
Milford Wind Corridor, LLC	Delaware	First Wind Utah Holdings, LLC - 80%
Milford Wind Holdings, LLC	Delaware	100%
Milford Wind Partners, LLC	Delaware	Milford NHC, LLC - 100% Class A Shares, 0% Class B Shares
Mojave Winds, LLC	Delaware	100%
Mountain View Wind, LLC	Delaware	100%
MWCI Holdings, LLC	Delaware	100%

New Mexico Land Holdings, LLC	Delaware	100%
New Winds, LLC	Delaware	100%
New York Wind II, LLC	Delaware	100%
New York Wind III, LLC	Delaware	100%
New York Wind, LLC	Delaware	100%
Niagara Wind Power, LLC	Delaware	New York Wind II, LLC - 100%
North Country Wind, LLC	Delaware	100%
Oregon Wind II, LLC	Delaware	100%
Oregon Wind, LLC	Delaware	100%
Palouse Wind, LLC	Delaware	100%
Pioneer Valley Wind, LLC	Delaware	100%
Poplar Winds, LLC	Delaware	100%
Red Canyon Wind, LLC	Delaware	100%
Rollins Holdings, LLC	Delaware	100%
Saxton Wind, LLC	Delaware	100%
Sheffield Holdings, LLC	Delaware	100%
South Point Wind Power, LLC	Delaware	100%
Southern Tier Wind, LLC	Delaware	100%
Stetson Holdings, LLC	Delaware	100%
Stetson Wind II, LLC	Delaware	100%
Sugar Hill Wind, LLC	Delaware	100%
Tri-County Wind, LLC	Delaware	100%
Vaughan Wind, LLC	Delaware	100%
Vermont Red Clover Holdings, LLC	Delaware	100%
Vermont Wind, LLC	Delaware	100%
Wah Wah Wind Corridor, LLC	Delaware	100%
Wah Wah Wind Holdings, LLC	Delaware	100%
Windfarm Prattsburgh, LLC	Delaware	100%

http://sec.edgar-online.com/first-wind-holdings-inc/s-1a-securities...

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Comment by Mike DiCenso on April 2, 2014 at 6:04pm: Why would a company with almost 150 wind ghettos already built still be financially strapped, unless there is debt swapping and shell games going on? I do not expect the SEC to investigate, they were alerted to the Enron debacle and chose to fire the guy who discovered the questionable book keeping instead of doing the right thing and looking into the scheme. The Maine legislature should err on the side of caution and start to question this wind cabal before we find ourselves in the middle of another financial /political mess. Like with Enron, unraveling the truth will take a while.

Comment by Martha thacker on April 2, 2014 at 2:37pm: I think this generating and transmitting power law should be looked at from the stand point of legality . Should rate payers pay for these projects? We already have built in payments thru rates and taxes for renewable energy. NH allowed hydro to be considered renewable but not ME. Don't know if this is true now or not. This is one mismanaged illegal system . Deregulation did not work. States make laws and uphold them by rackateering. Burlington got a new fire dept from First Wind just because they held out on Rollings. Lee just set aside 14,000 for a fire dept. Lee Academy was promised a new tennis court for "support" of First Wind. They only got the cement poured. Too much power in the hands of selectmen. No laws to govern the dispersion of TIFs , gifts etc.

As I have stated before ..then gov. Blumenthal of Conn. refused to allow "upgrades" in transmission lines in Conn. "for a few wind farms in upper state ME". He truly did the best for Conn. rate payers.

Comment by Martha thacker on April 2, 2014 at 2:25pm: I think this comment is particularly important in the Portland Press Herald article.

"Karen Bessey Pease · Top Commenter · Columnist at Author and newspaper columnist.

One wonders why Iberdrola, parent company of Central Maine Power, is also allowed to develop wind projects, as they are proposing to do in Lexington and Concord and elsewhere in Maine. It's time the PUC and the Public Advocate took a close look at these questionable practices which obviously test the law which prohibits a company from generating and transmitting electricity in Maine.."

I remember that CMP and Bangor Hydro were going to pay for the transmission line "upgrades." Read that somewhere and cannot provide a link. Well, they increased rates as their way of doing it but anyway... Since Bangor Hydro and First Wind are in cahoots together doesn't this apply to Karen's point?

Comment by James M. Talcott on April 2, 2014 at 8:49am: Hopefully they go belly up. They've already screwed the public and several states so it's time for a little karma.

Comment by Long Islander on April 2, 2014 at 1:52am: Press Release:

http://www.businesswire.com/news/home/20140401005816/en/Wind-Capita...

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U.S. Sen Angus King

THE UNTOLD STORY OF RECORD HILL WIND

The Untold Story of Record Hill Wind, continued

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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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/

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