Some folks are saying that the Yieldco with Maine wind assets ,Terraform Power, should not be at risk.......HUM..... (these are the wishful thinkers) I beg to differ.
As the bankruptcy of SunEdison proceeds, everything will be up for grabs .
Are Maine town payments from First Wind projects as well as their lease holders at financial risk?
"Rigrodsky & Long, P.A. reminds shareholders of TerraForm Power, Inc. (“TerraForm” or the “Company”) (TERP) of an upcoming deadline involving a securities fraud class action lawsuit commenced against the Company." June 3 deadline
see http://finance.yahoo.com/news/deadline-alert-rigrodsky-long-p-19034...
(any Maine legislators who bought TERP have a week to try and get some of their money back , if possible).
The unknown risk facing TerraForm Power
If anything truly catastrophic is going to happen to TerraForm Power, it'll happen in the next few months. When a yieldco's parent or sponsor company goes bankrupt, it can lead to cross default on debt or changes to power purchase agreements. The problem is, many of these details are confidential until they're disclosed to investors, usually after its too late.
Moody's VP and Senior Credit Office said this after downgrading the company's debt:
[O]ur rating incorporates a low but not negligible probability that one or both yieldcos may eventually end up in bankruptcy proceedings as a result of a SUNE bankruptcy.
That may sound cryptic, but that's intentional. There may be risks hidden in TerraForm Power that we don't know about yet.
Watch out below !
Comment
Arthur, you are 100% correct. My memory failed me.
Please note:
Rollins, Stetson, Mars Hill & Bull Hill are TerraForm Power.
Oakfield & Bingham are TerraNova which is comprosed of SunEd & JP Morgan investors
But the whole mess is up for grabs by those suing !
Gary,from what I read in the bankruptcy filing ( see April 26 posts on wind taskforce,)evergreen iii is in the bankruptcy doc with others in Maine. Take a look.but everything is very convoluted for sure..please let me know about terranova,whichi believe is also part of Sunedison...but anything is possible with this fraud.
I hope all the payments in oak field and elsewhere stop- then the lesson will be fully learned..but these companies are like weeds, they seem to prevail-
U.S. Sen Angus King
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 - 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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