...and the DEP says this company has "Financial Capacity " to complete and service wind Projects in Maine, required by law for permit approval??
The major question here is , Will This Scamming Company made of llcs, yieldcos and potentially fraudulent hedge fund manipulations even be able to pay their wind bills to towns , lease holders and others required of projects in Maine in the future?
How does DEP even dare allow projects to be approved based on adequate "Financial capacity" projections , which is a DEP requirement for project permit approval in Maine??
Major financial publications, at least those that go beyond printing SunEdison's press releases verbatim, are referring to SunEdison as a "House of Cards". This is appropriate on two levels:
- SunEdison's financial strategy of relying on yieldcos is as fragile and vulnerable as a literal house of cards.
- SunEdison's (First Wind's) business tactics include intimidation, perjury, false promises, data manipulation, etc. mirror those of Kevin Spacey's character (Frank Underwood) in the popular Netflix series "House of Cards".
In this article, The Motley Fool's Travis Hoium explains how SunEdison is vulnerable to a raising cost of debt service coupled with a falling stock price. Over the past 30 days SunEdison stock has lost 60% of its value and lowering the cost of servicing its $10.7 BILLION in debt (as of June 31.2015) doesn't even qualify as a pipedream.
We can only hope that First Wind henchmen Paul Gaynor (formerly Enron), Kurt Adams (former Chair, Maine PUC), Angus King 3rd (son of Obama crony AK), Jim Cassida (formerly DEP) and others are heavily invested in SunEdison stock!
Sure, with the stock price in the dumps there are going to be buyers (esp SunEdison directors and employees) but as they say "even a dead cat bounces". For the latest see: Sunedison (SUNE) marked as a dead cat bounce stock
This story ought to be shared widely. SunEdison has launched an all-out propaganda tsunami to mask the truth. Consider for example the "article" that ran in Windpower Monthly just yesterday (8/24) entitled "Analysis: SunEdison heading for renewables 'supermajor' status". I guess they had to put 'Analysis' in the title to mask the fact that the article is a product of professional wind energy cheerleader, Ros Davidson. See her scorecard in theCarbon Capture Report.
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Comment by Art Brigades on December 12, 2015 at 1:56pm
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DEP assures financial capacity to complete construction. FC is one of the criteria in all applications, so Bingham will get built because the financing had to be in place prior to any shovels digging in. DEP also assures that adequate funding for decommissioning is set aside up-front. The "up-front" decommissioning requirement is fairly new, thanks to the lobbying of former Commissioner, Patty Aho. However, "adequate" funding for decommissioning is a hotly debated standard, and subjective. Opponents showed that Bingham's decommissioning funding was inadequate, but the DEP ruled that it was adequate. Without DEP requiring it or even knowing about it, the developer actually increased its decommissioning account by 50% as a result of the litigation, but one has to wonder whether the dollars that have been set aside will be "adequate" to clean it all up.
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Comment by Paula D Kelso on December 11, 2015 at 2:14pm
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Proof of financial capacity, state calls for it, our town of Clifton ordinance calls for it.
But in practice what does it mean? You'd better be darn sure your ordinance/law spells that out pretty plainly. Ideally, discussions and officials agreement of what proving financial capacity means should have taken place before faced with a development application. Before the hype is in the community and the back stair dealing has begun.
In Clifton, the Superior Court judge agreed with us opponents that Pisgah hadn't proved financial capacity by simply submitting a letter of interest from a bank. Our planning board deemed it sufficient. A court document filed in another case against Pisgah questioned whether Pisgah had sufficient capitalization to even be an LLC. The most recent official ruling on the Pisgah project by the MPUC speaks around the issue and particulars are redacted so no one can know what financial secrets are going on. Our foolish town even voted in last year that developers and town officials can have secret meetings.
The Clifton Ordinance addresses decommissioning costs separately from financial capacity. But it seems shortsighted to me that the Town has used about $100,000 out of pocket (that amount is over one quarter of an annual municipal budget) for expenses related to this application and not demanded money from the developer. The Ordinance provides for the Town to do that and it hasn't except for one 'expert independent consultant' that Pisgah was instrumental in choosing.
Hopefully, Pisgah never gets further than its existing rudimentary holes in the ground. Hopefully it can't find any dumb investors to bankroll this boondoggle. The point being that it was supposed to already have the financial capacity to get the permit, not that it have a permit in hand to go try to sell in the investment market. The state and the towns shouldn't have to go through the agony and the expense of this application procedure for individuals and entities that are proceeding on pure speculation. They are taking minimal risks while the public is taking huge risks. They are going to walk away while we're left to clean up the mess.
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Comment by Eric A. Tuttle on December 11, 2015 at 12:48pm
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I believe the only Concern of the DEP was the removal after decommissioning. I am not sure who in Maine is holding any concern as to the other obligations of commitment. Though the promise I heard was stated "So long as we are producing"........... the payments will be made.
[thoughts of possibilities] Shut them down, those obligations are gone, until they are decommissioned for no production. Collect their towers and erect them someplace else, if worse comes to worse, with Maine's Mountains remaining the permanent damage.
Dead Cats may Bounce, but they also
STINK
when left to long in the SUNEDISON
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Comment by Pineo Girl on December 11, 2015 at 12:43pm
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The Maine State Auditor for the Unorganized Territories had in the past questioned the financial capability of First Wind. She was called of by Pola Buckley, Maine State Auditor and her boss who told her "we don't get involved in policy decisions." I have a copy of the State Auditor's letter.
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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