First Wind Greedily CASHING OUT in Maine
First Wind's schtick was money, not progress
http://www.friendsofmainesmountains.org/fmm/2014/11/22/cashing-out-...
**************************************************************************
Sale of First Wind may affect company’s Bingham project
The Maine DEP, which had already approved the turbine farm, will take another look now that it has been notified of the SunEdison purchase.
Two slightly different versions of this story:
Posted 4:00 AM 11/21/14
http://www.pressherald.com/2014/11/21/sale-of-first-wind-wont-affec...
and
Posted 6:02 PM 11/20/14
https://www.centralmaine.com/2014/11/20/sale-of-first-wind-may-affe...
************************************************************
"Vampire Squid Wrapped Around the Face of Humanity" Goldman Sachs advised First Wind on Sale
The involved financial entities read like a Who’s Who for renewable energy finance. Morgan Stanley acted as lead financial advisor and provided a fairness opinion to SunEdison. Barclays acted as co-advisor to SunEdison and lead structuring agent on the financing. BofA Merrill Lynch acted as lead financial advisor to TerraForm in connection with the First Wind acquisition and lead structuring agent on the drop down warehouse credit facility. Citi acted as co-advisor to TerraForm. Lazard provided a fairness opinion to the Corporate Governance Committee of the TerraForm Board of Directors. Goldman Sachs acted as exclusive financial advisor to First Wind. And Marathon Capital acted as advisor to First Wind’s Board of Directors.
http://www.renewableenergyworld.com/rea/news/article/2014/11/sunedi...
**************************************************************
BDN: Bowers, Weaver, Molunkus and Somerset cited as in development at SunEdison investor conference
What First Wind’s sale could mean for wind development in Maine
http://bangordailynews.com/2014/11/19/the-point/what-first-winds-sa...
**********************************************
First Wind CEO: “In the era of renewables, we’re only in the second inning"
The First Wind name will be phased out, but the company will maintain operations in Boston after the deal closes early next year. Officials of the three companies involved said they do not plan to lay off First Wind employees as a result of the deal.
http://www.bostonglobe.com/business/2014/11/18/boston-first-wind-ac...
****************************************************************
MPBN Fails to Cover Both Sides of the First Wind Story --- Why?
Where is your reporting on the other sides of this story MPBN? Would you please show some balance and now do a story speaking with wind opponents and not interview anyone from the wind industry? That would be only fair right? How about digging into the companies' backgrounds to see if there is any Enron lineage? Wouldn't that be in the PUBLIC interest?
MPBN: First Wind Deal Expected to Open New Markets for Alternative Energy Projects
http://news.mpbn.net/post/first-wind-deal-expected-open-new-markets...
*****************************************
BDN: First Wind sale means end of partnership with Emera
“This transaction is essentially an unwinding of our original transaction with First Wind as they pursue a new direction and we seek to redeploy our capital in higher value assets and opportunities in other clean energy infrastructure investments, including electricity transmission and natural gas electricity generation in the Northeast,” said Chris Huskilson, Emera’s president, in a news release Monday.
http://bangordailynews.com/2014/11/18/business/first-wind-sale-mean...
Note that although the Maine media keeps calling the buyer a Missouri based company, TerraForm Power is based in Beltsville, MD. in the Washington, D.C. metro area.
*******************************************************************
PPH: Midwest solar-energy company acquiring First Wind
The companies did not elaborate on the impact the acquisition will have in Maine.
http://www.pressherald.com/2014/11/17/missouri-based-company-buying...
********************************************************
BDN: SunEdison, TerraForm to buy First Wind for $2.4 billion
First Wind has been a major player in developing wind farms in Maine, with sites active and planned across northern, western and eastern Maine. It is a frequent target for environmentalists and regulators, and counts among its top executives a former high-ranking Baldacci administration official, Kurt Adams, who now sits on the University of Maine board of trustees.
http://bangordailynews.com/2014/11/17/business/sunedison-terraform-...
Emera Sells Its Interest in Northeast Wind to First Wind; First Wind to be Sold to a Third Party
HALIFAX, Nova Scotia--(BUSINESS WIRE)--Nov. 17, 2014-- Emera (TSX: EMA) Emera Inc. announced today it will sell its 49% interest in Northeast Wind Partners II, LLC (“Northeast Wind”), to its 51% partner,First Wind Holdings, LLC (First Wind) for USD $223.3 million.
http://www.emera.com/en/home/mediacentre/mostrecentpressreleases/ne...
Fair Use Notice: This website may reproduce or have links to copyrighted material the use of which has not been expressly authorized by the copyright owner. We make such material available, without profit, as part of our efforts to advance understanding of environmental, economic, scientific, and related issues. It is our understanding that this constitutes a "fair use" of any such copyrighted material as provided by law. If you wish to use copyrighted material from this site for purposes that go beyond "fair use," you must obtain permission from the copyright owner.
Views: 1343
Comment
-
Comment by Eric A. Tuttle on November 18, 2014 at 11:58am
-
Wind Tax Credits? Now Tax Credit funds from another Renewable Sector..... ?
http://www.reuters.com/article/2014/05/04/us-sunedison-idUSBREA4309...
(Reuters) - Solar power company SunEdison Inc (SUNE.N) shares have climbed over the past two years on hopes of forming a separate yield company, or "yieldco," but may be too reliant on renewable energy tax subsidies, according to an article in the May 5 edition of Barron's.
-
Comment by Kathy Sherman on November 18, 2014 at 10:50am
-
So many questions unanswered-- For example, if Emera-First Wind deal approval by Maine PUC is under appeal, does Emera have clear title to sell its 49% stake? What about pending transmission projects between these partners, the one by First Wind subsidiary to get electrons out of Oakfield in order to possibly serve load, and an earlier proposal before FERC? Both of those issues SHOULD HAVE impacted on the contracts between First Wind and Massachusetts utilities - financial viability, transmission costs and reliability of grid, but Attorney General lost on transmission. It seems that the contracts should be reviewed.
CEO Gaynor sounds in Herald like he has no plans for First Wind to go away - just a new 'strategic structure'. Emera will turn its capital IN MORE VALUABLE DIRECTION!! What does that say about value of Maine Wind Generation? SunEdison says it will become the largest renewable company on the planet, but expresses this in TRANSMISSION capacity, not generation, not even nameplate capacity. So much for deregulation, competitive markets and fostering DISTRIBUTED generation, which out of state big wind clearly is not.
The deals are contingent on completion of certain projects and clearly long-term purchase agreements are at core for SunEdison (and MA contracts have a completion deadline), AND REGULATORY APPROVAL. If needed by Q1 2015, that is pretty tight and I suggest that Maine governor and incoming MA governor discourage rubber stamps this time. There is a better way. I secretly hope that even if First Wind does not go away, that it will stop wielding such influence on all things regulatory in MA including whether turbine noise is regulated as wind speed at 10 m, as in 'health protective countries' or at hub 330 ft. up.
-
Comment by Martha thacker on November 18, 2014 at 7:40am
-
Sure is selling for a lot when they are always looking for a new bank to finance wind farms. Deutshe Bank , FW's backer , is in a lot of trouble for fraud again. Beginning of the end of Maine's nightmare. Let's never forget that it was not the law that stopped them. But the banks.And never vote for anybody who does not want to love and protect Maine.
-
Comment by Jim Wiegand on November 17, 2014 at 9:09pm
-
This a liability shell game and a way to liquidate funds.
- ‹ Previous
- 1
- 2
- 3
- 4
- Next ›
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/
Not yet a member?
Sign up today and lend your voice and presence to the steadily rising tide that will soon sweep the scourge of useless and wretched turbines from our beloved Maine countryside. For many of us, our little pieces of paradise have been hard won. Did the carpetbaggers think they could simply steal them from us?
We have the facts on our side. We have the truth on our side. All we need now is YOU.
“First they ignore you, then they laugh at you, then they fight you, then you win.”
-- Mahatma Gandhi
"It's not whether you get knocked down: it's whether you get up."
Vince Lombardi
Task Force membership is free. Please sign up today!
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/
© 2024 Created by Webmaster.
Powered by
You need to be a member of Citizens' Task Force on Wind Power - Maine to add comments!
Join Citizens' Task Force on Wind Power - Maine