"Caffyn may deny his association with IVPC but as evidenced by the testimony UPC gave to the VT Public Service Board in 2006, UPC/First Wind has its roots in this corrupt Italian company now being investigated. Former associates have been arrested for allegedly collecting subsidies on unproductive wind plants and mafia connections. Hopefully soon authorities here and in Italy will implicate Caffyn and UPC/First Wind.
Below is UPC describing themselves to the VT Public Service Board (PSB) proclaiming that due to their complete involvement with IVPC, they have enough expertise to build the Sheffield, VT project. The link is to the February 21, 2006 prefilled direct testimony of UPC in their application to the VT PSB for a Certificate of Public Good.
Read Link
From the Prefilled Direct Testimony of Cowan, Rowland, and Vavrik - February 21, 2006
Quoting UPC - "UPC Group is a group of related companies that have developed large scale wind farms in Europe. To date, UPC Group has developed, financed, constructed, owned and operated over 635 MW of large-scale wind turbine generators in southern Italy and the islands of Sicily and Sardinia through a company called Italian Vento Power Company (“IVPC”) (http://www.facebook.com/l/;www.ivpc.com). Certain principals of the UPC Group recently sold their ownership interests in holding companies that own the IVPC companies. In conjunction with this sale, a new European subsidiary of UPC Group has been established and is pursuing several hundred megawatts of wind energy projects in Europe and North Africa, including additional projects in Italy.
The IVPC subsidiaries of the UPC Group achieved an exceptional operating record, with its wind turbines available 98.5% of the time on a fleet-wide basis. An extensive operations and maintenance organization was established for the Italian projects, consisting of over 120 personnel dedicated exclusively to the day-to-day management, operation and maintenance of the IVPC projects."
Also from the same testimony is the resume of another former Enron employee, UPC VP, Steve Vavrik:
"I have 10 years of work experience in the energy field, concentrating on the financial aspects of power production and power sales. My past work experience includes GE Capital, where I developed financial models for equity investments on energy projects, and Enron Europe and Dynegy, where structured long term power and fuel purchases and sales. My first wind project was for PPM Energy in Portland, Oregon, where I was responsible for green tag power sales of the 198 MW Maple Ridge wind project in New York State. Currently I am the Vice President of Risk Management for UPC Wind Management, where I am in charge of all power sales."
This company with alleged mafia connections and run by former Enron execs has recently received $114.6 million in gov't grants with no strings attached and obviously no due diligence.
UPC/First Winds major investors are hedge funds DE Shaw and Madison Dearborn. Both have connections to the Obama administration.
Read Link
Larry Summers was a director of DE Shaw before leaving to head Obama's council of economic advisers. Obama adviser Rahm Emmanuel has "friends" and contributors at Chicago based Madison Dearborn.
Corrupt, politically connected, "green renewable energy" LLCs developing environmentally destructive industrial scale wind plants to collect gov't subsidies, paid with our tax dollars, will inevitably be the next scandal and bubble to burst."
To see the comment thread, follow the link
No comments:
Post a Comment