First Wind, forced wind, failed wind.........Decommisioning funds are wholly inadequate. When the subsidies run out, wind developers will walk away from their taxpayer money harvesting contraptions leaving a befouled Maine landscape. And the legislature is not doing anything about it. In fact, a predecessor legislature and a wind insider Gov Baldacci caused this scourge. The wind company "executives" will move onto their next fast buck somewhere and the so called Maine environmental groups will support the next pillagers in return for money, money money. And the Mainers will be left with countless ridges of rusting junk piles. Why is the Maine media not all over the spectacular failure of their long time darling, First Wind-SunEdison? This is all over the national news - just about everywhere except Maine, where they have most of their wind projects.
D.E. Shaw & Madison Dearborn sue TerraForm Power, SunEdison over debts in First Wind Deal
Under the First Wind deal, SunEdison and TerraForm Power bought 500 megawatts of operating wind farms, 21 megawatts of operating solar farms and 1.6 gigawatts of development-stage projects. They deferred about $510 million in earn-out project payments, and about $231 million of that amount remains unpaid. That’s the amount D.E. Shaw and Madison Dearborn Capital are seeking from TerraForm Power, which also was one of the buyers and shares responsibility for the debt, according to the suit.........The case involving the First Wind deal is D.E. Shaw Composite Holdings LLC v. TerraForm Power LLC, 651752/2016, New York State Supreme Court, New York County. The other case is TerraForm Global Inc. v. SunEdison Inc., No. 12159, Delaware Chancery Court (Wilmington).