From Seeking Alpha...First Wind is in the cross-hair of Congressional Investigators. Buzz words, "ENRON", "Sarbanes-Oxley Act of 2002", "Federal Stimulus"
Congressional investigators are examining the use of tax incentives for solar-power companies.
SunEdison has received "the vast majority" of a $1 billion credit line the Export-Import Bank of the U.S. extended to India.
SunEdison has been successful in bypassing Sarbanes-Oxley regulation that should be a tool to avoid a new Enron scandal.
Senate Finance Committee and the House Ways and Means Committee have sent letters to seven foreign and domestic companies involved in solar energy requesting information relating to tax credits and financing. SunEdison is one of the seven companies, but up until now the company has not come up with any public announcement about a reply to this letter. SunEdison's management has also declined to comment.
The majority of the projects and subsidiaries listed under SunEdison in the Good Jobs First's subsidy tracker are actually wind projects or wind-related activities. There is a fair chance that the tracker has not caught all the midsize solar projects that SunEdison has been developing in U.S. The following projects and subsidiaries are listed in the tracker: Milford Wind Corridor Phase I, LLC, Milford Wind Corridor Phase II, LLC, Kawailoa Wind, LLC, Palouse Wind, LLC, Evergreen Wind Power III, LLC, Canandaigua Power Partners, LLC, Evergreen Wind Power V, LLC, Vermont Wind, LLC, Canandaigua Power Partners II, LLC, Stetson Wind II, LLC, Solaicx, SunE B9 Holdings, LLC, Erie Wind, LLC, SunE CPS3, LLC, SunE CPS2, LLC, SunE CPS1, SunE CBRL1, LLC, LLC, Solaicx, SunE Solar VIII, LLC, SunE Solar VIII, LLC, SunE Solar VIII, LLC, MEMC Electronic Materials LLC, Greenray, SunEdison Residential Services, LLC and SunEdison, Inc.
Several subsidiaries appear more than once with a subsidy: "Canandaigua Power Partners LLC" and "Canandaigua Power II Partners LLC " more than 16 times with a grant. The three largest grants paid out to Canandaigua Power are $52,352,334 (federal grant- 2009), $22,296,494 (federal grant - 2009) and $2,617,575 (federal grant - 2010). It indicates that the subsidiary Canandaigua Power Partners should have been developing projects for more than $225 million back in 2010.
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Link to Seeking Alpha-the article-
PS-This article states-
Following the award notification by the Department of Treasury, Treasury Secretary Tim Geithner and Energy Secretary Steven Chu invited Carlos Domenech, COO of SunEdison, to participate in a White House roundtable meeting of select industry executives. They discussed expanding development of clean, domestic sources of energy. Domench was quoted as saying, "We were honored to participate in the roundtable discussion. SunEdison's initial application was approved less than 3 weeks after we submitted our request. Given the streamlined application process, we expect to submit new projects from our pipeline almost weekly."
What the article fails to mention is that Paul Gaynor was present at the White House roundtable mentioned with Carlos Domenech, COO of SunEdison during Sept of 2009-
AUGUSTA, Maine — A company that has two major wind-power projects in Maine and is looking at developing more was represented at a meeting in Washington hosted by Treasury Secretary Timothy Geithner and Energy Secretary Steven Chu.
FirstWind CEO Paul Gaynor participated in the discussion at the White House on Tuesday. Gaynor says FirstWind’s been recognized as a positive example of how federal stimulus money can be spent.
When you think about wind, think of nothing but self-serving scum and a plague that has decended upon this planet.
Our failure to achieve and maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act as a public company could have a material adverse effect on our business and share price.
Page 74. (Thank you, Alice, the sleuth)
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