Is Maine's landscape being ravaged due to a new and untested financial instrument from the Wall Street crowd?
In the event the First Wind acquisition is not completed, TerraForm Power intends to use the net proceeds of this offering for general corporate purposes.
http://globenewswire.com/news-release/2015/01/14/697481/10115580/en...
Select SEC filings:
and
Amendment No.1 to Form S-1 filed 1/14/15
About "Yieldcos"
In order to retain favorable tax benefits and steady yields, the yieldco business model calls for acquisition of new generation assets as initial portfolio assets approach their contract expirations. This pipeline of assets, or "drop downs," is intended to fuel the yieldco with stable cash flows to deliver above-average dividend growth with below average risk [7]. This drop-down schedule is critical to maintaining cash-flows and beneficial tax treatment and subsequently, is essential to the yieldcos future growth and viability as a long-term financing structure. To reduce the uncertainty of future cash flows and ensure access to assets, agreements such as right of first offer or call rights are common between the yieldco and the parent company. Yieldcos can continue to schedule drop downs for as long as the company wishes to maintain its tax advantaged status and sufficient supply of new operating assets exist [15] or until the business strategy dictates otherwise.
https://financere.nrel.gov/finance/content/deeper-look-yieldco-stru...
Views: 696
Comment
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Comment by Eric A. Tuttle on January 18, 2015 at 5:09pm
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Tax write offs are generally 5 - 10 years with 7 years being generally optimal for maximum tax gains.
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Comment by Penny Gray on January 18, 2015 at 5:07pm
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Is it every 5 or 7 years these wind projects will change hands?
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Interesting article for those with knowledge about investments.
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Whooops....... backed by common stock that may not be issued ? Buyer of these, Beware! Sounds like corporate asset shifting.... Shell Game?
Emera's holdings are going to vanish into the mix? Maine's tax incentive investments along with it.
This is a suspicious contradiction.....
The Notes will be senior obligations of the Issuer and will be guaranteed by the Issuer's direct parent, TerraForm Power, LLC, and each of the Issuer's existing and future subsidiaries that guarantee its senior secured credit facility, subject to certain exceptions. TerraForm Power will not guarantee the Notes. -
http://globenewswire.com/news-release/2015/01/16/697990/10115845/en...
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Comment by Whetstone_Willy on January 18, 2015 at 12:45pm
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Is there anyone here who believes Governor Baldacci had a firm grasp on how this company makes its money when he rammed the expedited wind law through? Page F-127:
This risk is estimated by the First Wind Operating Entities using credit spreads and risk premiums that are observable in the market, whenever possible. The First Wind Operating Entities’ methodology to fair value its derivatives is to start with any observable inputs; however, in certain instances the published forward rates or prices may not extend through the remaining term of the contract and management must make assumptions to extrapolate the curve, which necessitates the use of unobservable inputs.
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Essentially Wind is not up to the task of being utilized productively or efficiently. It is nothing more than a commodity to be traded on the Stock Market. Green energy today, is Not Green while it remains inefficiently used and a carbon consumer in construction. But it remains a profitable Trading commodity for the seller and a loss for the unsuspecting buyer with a Green Dream of $$$.
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So does the following admission get us closer to the truth that the MPRP was built for First Wind rather than simply to have more reliable lines? Maybe the existing lines were plenty reliable until wind came along. What did the Public Advocate say about this? Do the words "false pretense" come to mind when we now ask why suddenly overnight there was an urgency to build the one and a half billion dollars MPRP? (Maine Power Reliability Project) See page 35.
Projects in the First Wind portfolio located in Maine have experienced curtailment issues which may adversely affect revenues. First Wind currently expects the MPRP to be completed in 2015, although it may not be able to be completed on this timeline or at all.
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Comment by Dan McKay on January 18, 2015 at 11:14am
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The forward sale of RECs reminds one of the derivative markets from the bundling of mortgages. REC price manipulation is fairly simple when you are aware of the mandated renewable targets and your game ( Wind ) is the only player producing moderate amount of RECs and, therefore, can steer this market. Let greater than 100 megawatt hydro produce RECs and the bundled derivative REC market crashes.
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Am I the only one who doesn't fully understand this?
We sometimes seek to sell forward a portion of our RECs or other environmental attributes to fix the revenues from those attributes and hedge against future declines in prices of RECs or other environmental attributes.
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What do the folks in areas with Clipper turbines think about:
If Clipper equipment experiences defects in the future, we will not have the benefit of a manufacturer’s warranty on such original equipment, may not be able to obtain replacement components.......
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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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