Hoping For Toehold, Wind Company Gets Toe Tag
From: http://af.reuters.com/article/energyOilNews/idAFN2827788820101028
Wind farm owner and operator First Wind Holdings Inc canceled its IPO after cutting its expected price range by 24 percent and facing investor skepticism about its balance sheet and wind industry financing.
The company's struggle to come public is likely a sign of its own particular problems rather than an indication that the U.S. market for new issues has completely fallen off.
The company, which had planned to raise $300 million in its IPO but cut that figure back to $228 million on Wednesday, has been posting losses and had outstanding debt of more than half a billion dollars as of Sept 30. It had hoped to list on Nasdaq under the ticker symbol "WIND" WIND.O.
Some U.S. government financing -- of which First Wind has received hundreds of millions of dollars -- could be suspended at the end of the year. Analysts have also warned that weak electricity prices could be too low to secure private financing. [ID:nN24242731]
New U.S. wind power installations were down 71 percent through the first six months of 2010, according to the American Wind Energy Association.
From: http://techcrunch.com/2010/10/28/first-wind-retreats-shelves-ipo-pl...
First Wind, which owns and operates wind farms in the U.S., was hoping to raise cash in the IPO to ease its large debt load. As outlined in a recent S-1 filing, the company still has $582.2 million in outstanding debt. Moreover, since its inception the company has racked up $233.0 million in losses. Cognizant of its debt and ongoing losses, the company warned investors that “our substantial indebtedness [could] make it difficult for us to satisfy our obligations with respect to our indebtedness, and failure to comply with these obligations could result in an event of default under those agreements, which could be difficult to cure, or result in our bankruptcy.”
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Maine as Third World Country:
CMP Transmission Rate Skyrockets 19.6% Due to Wind Power
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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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