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.


Select SEC filings:

Prospectus dated 1/9/15




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.

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Comment by Mike DiCenso on January 19, 2015 at 8:19pm
Last I knew 3 of the world's 10 top polluting coal fired power plants were in Ohio spewing toward Maine.
Comment by Eric A. Tuttle on January 19, 2015 at 10:06am

Just reported on the Radio this morning about Maine's CO² footprint. Seems most of our CO² under transportation stems from Out of State CO² from Coal-fired generation from the mid-west. Though that is disputed by the Coal Electric Industry. Though this is evident to be true with the high Acidic Rain that drops on Maine and the Northeast. Something that should be taken into account as Maine tries to reach its 2030 goal of 30% reduction in CO². Maybe we have already reached that Goal? Maybe our EUT committee & legislature needs to know that before allowing more Turbines to be   permitted or putting an end to this insanity. If it being pushed by others for private gain it may be more proof of a conspiracy from others not authorized to continue to promote Wind energy as part of Maine solution to meet the goal. 

Comment by Kathy Sherman on January 19, 2015 at 8:01am
I can dig up some info, at least for purchase of the very high-priced MA RECs, and NEPOOL keeps track of generation of RECs, but the situation is very confounded by use of RECs to provide so called 'green rates' and by the fact that RECs can be purchased by anyone and simply retired. It is a very confused, non-transparent system.
Comment by Mike DiCenso on January 18, 2015 at 9:00pm

It all sounds like Enron to ME !! I will bet 99% of the legislators do not understand this BS any more than I do. Anyone know how to find out who is buying the RECS? I am not getting answers from anyone yet.

Comment by Long Islander on January 18, 2015 at 8:50pm

Adam Lee sits on more environmental group boards than anyone in the state - Maine Audubon, NRCM and Maine Conservation Voters (not to mention MPBN). His organizations lecture us about our carbon footprints, but as the owner of Lee Auto Malls, I believe the state's largest car dealer, he may be more responsible for the 50% of CO2 Transportation figure in the chart below, than any other single person in the state. I don't think I heard Mr. Lee lecture the legislators about raising the speed limit.

Comment by Eric A. Tuttle on January 18, 2015 at 7:12pm

With home systems on solar or wind, they can not up the rate when the usage is decreased. :) No profits for Grid, no funds for bribes.... 

Comment by Eric A. Tuttle on January 18, 2015 at 7:10pm

Unfortunately the PUC allows them to increase their rates when we try to save, so they can retain their profit margins. Many see it as hopeless. These practices too, need to be eliminated.

I feel the speed limit was raised because prior knowledge about the fossil fuel dropping was nearing. (insider knowledge (LePage ?)) so that more consumption would boost the bottom line profit margin which was about to decrease.

Comment by Long Islander on January 18, 2015 at 6:32pm

Eric - like so many confidence games, the wind power scam masquerades behind a higher noble purpose. In the case of wind it's saving the planet from CO2 and it was CO2 that was used as rationale for the emergency wind law that is the root of all our problems. The average person is so caught up with their own busy life and is so underserved by the media that pesky little facts about better places to find savings are never given much thought. Another example of the misguidedness of wind in Maine is where Maine's CO2 emissions come from. As you can see from the following EPA data, whereas electricity create's 37.49% of the nation's CO2, in Maine the figure is only 10.81%. Meanwhile, half our CO2 comes from transportation. So what does the legislature do? They raise the speed limit which will invariably increase CO2 emissions.
Comment by Eric A. Tuttle on January 18, 2015 at 6:04pm

"Lighting currently represents 20-30% of our electrical energy consumption."
LED lighting uses 10% of incandescent per lumen, last up to 40 times longer.
Lumens/Watt is the method by which to evaluate lighting efficiency.
Washington, D.C.- American wind power topped 4 percent of the U.S. power grid
10% usage of 30% need, = 3% seems to indicate we have a 1% excess of the wind generated power....
If we utilized this new lighting technology, plus resource savings, and production costs would provide for less energy use.

Comment by Long Islander on January 18, 2015 at 5:14pm

Hey Paul Gaynor and company - what ever happened to the concept of working hard for a day's pay?


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


(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 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?" 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.”

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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."

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