Oakfield and Bingham Wind Projects Sold!
WSJ
SunEdison Sells Maine Wind-Power Plants
Sale, for $209 million, comes as company tries to free up cash to shore up its stock
SunEdison Inc. agreed to sell two Maine wind-power plants for $209 million, as the renewable energy-development company continues to free up cash to shore up its stock.
The announcement—a day after SunEdison secured a $250 million credit infusion by amending its Vivint Solar Inc. buyout proposal—sent shares 8% higher to $4.43 in late trading. The stock, which set a high of $33.45 in July, is down 79% this year.
The big solar-power developer is selling the 185-megawatt Bingham wind farm and 148-megawatt Oakfile wind farm to Terra Nova Renewable Partners, a strategic equity partnership that SunEdison formed in September with institutional investors advised by J.P. Morgan Asset Management.
Under the terms of the deal, the first of the partnership, SunEdison could buy back the plants within five years.
In October, the Maryland Heights, Mo., company said it planned to overhaul operations, laying off 1,000 workers, scaling down expansion plans and shifting renewable energy sales to power utilities. Under its previous strategy, SunEdison built plants and then sold them to TerraForm Power Inc. andTerraForm Global Inc., so-called yieldcos that were spun off from SunEdison.
Similar to real-estate investment trusts and master limited partnerships, yield companies, known on Wall Street as yieldcos, are publicly traded companies that hold power plants and issue regular dividends to shareholders.
TerraForm Power’s stock rose 5% to $11.70 in late trading while TerraForm Global’s rose 3.2% to $4.91.
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Comment by Art Brigades on December 12, 2015 at 1:07pm
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JP Morgan and SunEdison have been at this for months (see links below). Also, any community benefits payments that are due to transfer to recipients when the project goes commercial (connects to the grid) should already be in escrow (probably held by JP Morgan). No lawyer worth her retainer would allow otherwise.
http://renewables.seenews.com/news/sunedison-jp-morgan-establish-re...
http://www.rocketnews.com/2015/09/sunedison-and-jp-morgan-announce-...
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Comment by Eric A. Tuttle on December 12, 2015 at 11:09am
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As I remember it, the payments to the towns of Parkman and Abbot were not scheduled to be made until after Commissioning had taken place and power started flowing. This probably holds true for the County of Somerset and other organizations that succumbed to the Money, that may never happen.
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Comment by Jim Wiegand on December 11, 2015 at 2:19pm
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Forgot to mention on the back end of these deals is the carbon credit derivatives market. These projects generate bogus and enormously inflated carbon credits that are being sold to polluting industries as a way to wash away their damage to this world. All brought to you by our Washington Mafia.
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This is exactly how the money disappears and is safely filtered away to the mother ship. Look into the history of wind projects and you will see this same pattern
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Since these transactions at times take many months to negotiate, Bingham's project may have been well under negotiations for sale before it even started per the report. This may explain why Somerset County was still waiting its first installment payment, as per discussion overheard at Thompson's Restaurant in Bingham prior to this July 2015 announcement.
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The financing facility for the combined wind farm and generator lead is for $360 million, and the total construction cost is $420 million. KeyBank Capital Markets Inc. served as the joint lead arranger and KeyBank National Association acted as administrative agent on the construction loan.
So have any payments been made as of yet on the Bingham Project to the communities, organizations et. al. ? This looks to be a 50% loss, or it was once over billed at 200% of actual expense to the government and the rate payers in the public view.► Source ◄
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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