Thursday, December 31, 2015
SunEdison kills USD 336m of debt via sale of assets, yieldco shares
http://renewables.seenews.com/news/sunedison-kills-usd-336m-of-debt-via-sale-of-assets-yieldco-shares-507395
December 30 (SeeNews) - In exchange for the extinguishment of USD 336 million (EUR 307.6m) of debt, SunEdison Inc (NYSE:SUNE) has agreed to transfer certain green energy projects under development and shares in its first yieldco to DE Shaw group, Madison Dearborn Capital Partners IV LP and Northwestern University.
Under a deal signed on December 29, about USD 336 million aggregate principal amount of 3.75% guaranteed exchangeable senior secured notes due 2020 will be extinguished.
The first portion of notes to be cancelled amounts to USD 121 million. In return, DE Shaw and the other two buyers will get 12.16 million shares in TerraForm Power (NASDAQ:TERP). The yieldco’s stock closed at USD 12.19 on Tuesday.
The remainder of exchangeable notes will be extinguished after the transfer of renewable energy projects under development has been concluded. That is planned to happen in two tranches with deadlines of April 1, 2016 and June 1, 2016. Details on the said projects were not revealed.
“We believe this was a mutually beneficial solution to deleverage our balance sheet by selling our under development assets as well as the Company's shares of TerraForm Power,” said SunEdison’s chief financial officer Brian Wuebbels.
The agreement is subject to customary closing conditions and also contains customary representations and warranties in respect of the projects being transferred and other matters.
In addition, SunEdison said it would make certain earnout payments to DE Shaw Composite Holdings LLC and Madison Dearborn between March 30, 2016 and March 30, 2017. The earnouts are related to the acquisition of First Wind Holdings LLC, which SunPower and TerraForm Poweragreed in November 2014.
(USD 1 = EUR 0.915)
SunEdison, TerraForm to snap up First Wind in USD-2.4bn deal
http://renewables.seenews.com/news/sunedison-terraform-to-snap-up-first-wind-in-usd-2-4bn-deal-449087
(SeeNews) - Nov 18, 2014 - US solar energy firm SunEdison Inc (NYSE:SUNE) and its yieldco unit TerraForm Power Inc (NASDAQ:TERP) have agreed to buy First Wind Holdings LLC for up to USD 2.4 billion (EUR 1.9bn).
The definitive deal marks SunEdison's entry into the US wind energy market. The move will make the buyer the “leading global renewable energy development company,” it said in a press release on Monday.
SunEdison now expects to install between 2.1 GW and 2.3 GW of renewable energy capacity in 2015, as compared to 1.6 GW-1.8 GW forecast previously. Meanwhile, TerraForm lifted its 2015 cash available for distribution (CAFD) guidance for 2015 to USD 214 million from USD 156 million, while the 2015 dividend is seen at USD 1.30 per share, or 44% higher than its current dividend rate of USD 0.90 per share.
The purchase will consist of a USD-1.9-billion upfront payment plus an additional USD 510 million in earn-outs dependent on the completion of certain projects in First Wind's backlog.
The deal is subject to customary conditions and regulatory clearance and is anticipated to close in the first quarter of 2015. Following completion, SunEdison will become owner of over 1.6 GW of pipeline and backlog projects that have been added to TerraForm Power's call right project list. The schemes are scheduled for completion in 2016-2017. TerraForm will get 521 MW of contracted wind generation assets to its portfolio for an enterprise value of USD 862 million.
The acquisition, which will be backed by bridge financing, includes an additional 6.4 GW of “project development opportunities,” SunEdison said. For TerraForm, in particular, the deal is expected to be immediately accretive and fetch USD 72.5 million in unlevered CAFD to the company next year.
(USD 1.0 = EUR 0.802)
Friday, November 20, 2015
NY’s Madison Wind Farm a cautionary tale
As it turns out, the wind-power shell game has nabbed its first municipal victim, in a big way.
The Madison Wind Farm, town of Madison, county of Madison, has told town and county officials that come Jan. 1, when its 15-year payment-in-lieu-of-tax agreement expires, it simply won’t be able to pay any more than it has over the past 15 years. That princely sum? A paltry $60,000 a year split between the school district and the town. The county generously agreed to forgo any payments, figuring it would get its reward when the PILOT was done.
Well, in a way it will. There is a good chance Madison County will end up owning seven aging, obsolete wind towers that developers have made good money on at taxpayers’ expense. If that happens, the county, yet to see a dime, might be the first decommissioners of an old wind farm in the state. I am guessing it is ill equipped to do that.
There are wind farms in California that have reached this end stage of their lives, and most of them are sitting silently in the desert, blades permanently stilled, nacelles rusting and choked with sand and towers aged out of use. Nobody is taking them down probably because, like Madison County, some slicked-back corporate con man skinned local officials right out of their shorts with promises of revenue and green power.
Revenue went to the developers, much of it in the form of production tax credits and property tax exemptions, and green power at less than 30 percent of the nameplate rating went out when the wind was blowing hard enough (while coal, gas and nuclear plants were forced to keep their turbines spinning because wind, you know, isn’t steady). It was a good deal for some, but for the people it was the Big Con.
Now, next up in New York to reach that magic old age of 20 will be Maple Ridge Wind Farm in Lewis County. That is no Madison Wind Farm. Maple Ridge is the granddaddy of the eastern half of the country, with more than a hundred windmills scattered across the Tug Hill plateau, their towers and blades visible from the town of Rutland to well below Martinsburg. And these are the short towers; the new towers are about twice as tall.
Liz Swearingen, Lewis County’s savvy county manager, understands the ramifications. Through the Maple Ridge PILOT, the municipalities, Lowville Academy and Central School, and the county have realized big payouts over the 15 or so years of the PILOT so far, and those payments will continue until 2021. She acknowledges, however, that no one knows what will happen then.
Technology has passed Maple Ridge by just as it has every wind farm built in the early part of this century. Bigger, more efficient, more reliable wind mills allow developers to generate more power with less wind and to achieve a larger percentage of their nameplate power.
And still, these wind farms are simply not viable without massive subsidies, including a singular commitment from local taxpayers. For towns and counties and school districts, these projects are all gamble and no payout.
The only reason Maple Ridge hasn’t pinched Lewis County is that its PILOT is subsidized by an old program through Empire State Development that allowed businesses in the now defunct Empire Zones to pay local taxes and be reimbursed by the state. That long-gone program won’t help anyone anymore, so what will happen with Maple Ridge after all the Monopoly money is gone is anyone’s guess.
Ms. Swearingen said that Lewis County has a strong decommissioning agreement in place with the owners of Maple Ridge. But these owners are not the ones who signed the document, and no one ever went broke being skeptical about agreements with wind developers. It may be difficult for Lewis County to impose an agreement on a giant corporation headquartered in Spain.
Lewis County is at least aware of the risks it faces. Ms. Swearingen is working hard to tighten the county’s budget so that it relies less on fund balance to save the tax levy, which may give it the wherewithal to weather any storm the end of Maple Ridge’s PILOT kicks up. End of life is never pretty, and it is particularly ugly for wind farms.
Sunday, November 15, 2015
End of life is never pretty
As it turns out, the wind-power shell game has nabbed its first municipal victim, in a big way.
The Madison Wind Farm, town of Madison, county of Madison (kind of a trend here), has told town and county officials that come Jan. 1, when its 15-year payment-in-lieu-of-tax agreement expires, it simply won’t be able to pay any more than it has over the past 15 years. That princely sum? A paltry $60,000 a year split between the school district and the town. The county generously agreed to forgo any payments, figuring it would get its reward when the PILOT was done.
Well, in a way it will. There is a very good chance Madison County will end up owning seven aging, obsolete wind towers that developers have made very good money on at taxpayers’ expense. If that happens, the county, yet to see a dime, might be the first decommissioners of an old wind farm in this state. I am guessing it is ill equipped to do that.
There are wind farms in California that have reached this end stage of their lives, and most of them are sitting silently in the desert, blades permanently stilled, nacelles rusting and choked with sand and towers aged out of use. Nobody is taking them down probably because, like Madison County, some slicked-back corporate con man skinned local officials right out of their shorts with promises of revenue and green power.
Revenue went to the developers, much of it in the form of production tax credits and property tax exemptions, and green power at less than 30 percent of the nameplate rating went out when the wind was blowing hard enough (while coal, gas and nuclear plants were forced to keep their turbines spinning because wind, you know, isn’t steady). It was a good deal for some, but for the people it was the Big Con.
Now, next up in New York to reach that magic old age of 20 will be Maple Ridge Wind Farm in Lewis County. That is no Madison Wind Farm. Maple Ridge is the granddaddy of the eastern half of the country, with more than a hundred windmills scattered across the Tug Hill plateau, their towers and blades visible from the town of Rutland to well below Martinsburg. And these are the short towers; the new towers are about twice as tall.
Liz Swearingen, Lewis County’s savvy county manager, understands the ramifications. Through the Maple Ridge PILOT, the municipalities, Lowville Academy and Central School, and the county have realized big payouts over the 15 or so years of the PILOT so far, and those payments will continue until 2021. She acknowledges, however, that no one knows what will happen then.
Technology has passed Maple Ridge by just as it has every wind farm built in the early part of this century. Bigger, more efficient, more reliable wind mills allow developers to generate more power with less wind and to achieve a larger percentage of their nameplate power.
And still, these wind farms are simply not viable without massive subsidies, including a singular commitment from local taxpayers. For towns and counties and school districts, these projects are all gamble and no payout.
The only reason Maple Ridge hasn’t pinched Lewis County is that its PILOT is subsidized by an old program through Empire State Development that allowed businesses in the now defunct Empire Zones to pay local taxes and be reimbursed by the state. That long-gone program won’t help anyone anymore, so what will happen with Maple Ridge after all the Monopoly money is gone is anyone’s guess.
Ms. Swearingen said that Lewis County has a strong decommissioning agreement in place with the owners of Maple Ridge. But these owners are not the ones who signed the document, and no one ever went broke being skeptical about agreements with wind developers. It may be difficult for Lewis County to impose an agreement on a giant corporation headquartered in Spain.
Lewis County is at least aware of the risks it faces. Ms. Swearingen is working hard to tighten the county’s budget so that it relies less on fund balance to save the tax levy, which may give it the wherewithal to weather any storm the end of Maple Ridge’s PILOT kicks up. End of life is never pretty, and it is particularly ugly for wind farms.
SunEdison's Big Slide: When Financial Engineering Goes Wrong
A little emphasized $410 million margin loan SunEdison took out with Deutsche Bank in January encapsulates the tenuous financial foundation that stood behind its growth plans.
SunEdison’s margin deal was a piece of the financing package for its $2.4 billion purchase of First Wind, which was very well received by investors. It used TerraForm Power shares — trading above $30 at the time – as a form of collateral but the structure left little room for error. Covenants on the deal forced SunEdison to maintain a loan-to-value of at least 50%, thus when SunEdison and its yieldco shares began falling in late July it prompted large collateral calls that surprised Wall Street and raised questions about management’s transparency.
Sunday, November 01, 2015
14,000 ABANDONED WIND TURBINES LITTER THE UNITED STATES
The towering symbols of a fading religion, over 14,000 wind turbines, abandoned, rusting, slowly decaying. When it is time to clean up after a failed idea, no green environmentalists are to be found. Wind was free, natural, harnessing Earth’s bounty for the benefit of all mankind, sounded like a good idea. Wind turbines, like solar panels, break down. They produce less energy before they break down than the energy it took to make them. The wind does not blow all the time, or even most of the time. When it is not blowing, they require full-time backup from conventional power plants.
Without government subsidy, they are unaffordable. With governments facing financial troubles, the subsidies are unaffordable. It was a nice dream, a very expensive dream, but it didn’t work.
California had the “big three” of wind farm locations — Altamont Pass, Tehachapi, and San Gorgonio, considered the world’s best wind sites. California’s wind farms, almost 80% of the world’s wind generation capacity ceased to generate even more quickly than Kamaoa Wind Farm in Hawaii. There are five other abandoned wind farms in Hawaii. When they are abandoned, getting the turbines removed is a major problem. They are highly unsightly, and they are huge, and that’s a lot of material to get rid of.
Unfortunately the same areas that are good for siting wind farms are a natural pass for migrating birds. Altamont’s turbines have been shut down four months out of every year for migrating birds after environmentalists filed suit. According to the Golden Gate Audubon Society 75-110 Golden Eagles, 380 Burrowing Owls, 300 Red-Tailed Hawks and 333 American Kestrels are killed by the turbines every year. An Alameda County Community Development Agency study points to 10,000 annual bird deaths from Altamont wind turbines. The Audubon Society makes up numbers like the EPA, but there’s a reason why they call them bird Cuisinarts.
Palm Springs has enacted an ordinance requiring their removal from San Gorgonio Pass, but unless something else changes abandoned turbines will remain a rotting eyesores, or the taxpayers who have already paid through the nose for overpriced energy and crony-capitalist tax scams will have to foot the bill for their removal.
President Obama’s offshore wind farms will be far more expensive than those sited in California’s ideal wind locations. Salt water is far more damaging than sun and rain, and offshore turbines don’t last as long. But nice tax scams for his crony-capitalist backers will work well as long as he can blame it all on saving the planet.
Wednesday, October 28, 2015
TerraForm investors say SunEdison duped them
The shareholders say that the information TerraForm filed with the Securities and Exchange Commission in anticipation of its IPO was misleading because it did not disclose that SunEdison was about to report disappointing financial results for the 2015 second quarter.
TerraForm Global misled shareholders into investing $620 million into the renewable-energy company, and its stock dropped by over 50 percent within three months, shareholders say in a class action filed in state court.
Lead plaintiff Simon Fraser's securities class action, filed Friday in San Mateo County Superior Court, asserts violations of the Securities Act against TerraForm Global and its parent company SunEdison Inc.
The complaint is the Top Download for Courthouse News on Tuesday.
TerraForm, which owns and operates renewable-energy generation assets worldwide, was created by solar company SunEdison to serve as an investment vehicle to fund SunEdison projects.
Called "yieldcos," such investment vehicles created by parent companies "have become popular among investors seeking dividends, and TerraForm Global was marketed to such dividend-seeking investors as a 'high-growth' company," the shareholders say in their 20-page complaint.
On Aug. 4, the company completed its initial public offering of 45 million shares at $15 per share, leaving TerraForm with net proceeds of approximately $620 million from the IPO.
SunEdison issued a press release two days later disclosing second quarter losses of nearly 40 cents more per share than estimated, which caused TerraForm's stock to decline by $2.39, the lawsuit says.
A month later, SunEdison insiders revealed during an Oct. 7 investor conference call that the company was shifting its focus away from yieldcos such as TerraForm and indicated a slowdown in the acquisition of energy-generating assets, including solar and wind assets, the shareholders say.
SunEdison also said it was reducing its workforce by up to 15 percent, according to the lawsuit.
On Thursday, TerraForm's shares dropped to $7.94 for a cumulative loss of more than $7 per share in less than three months.
The shareholders say that the information TerraForm filed with the Securities and Exchange Commission in anticipation of its IPO was misleading because it did not disclose that SunEdison was about to report disappointing financial results for the 2015 second quarter.
SunEdison failed to disclose that it was changing its business strategy in a way that would hurt TerraForm, the shareholders say.
The class seeks to represent anyone who purchased the common stock of TerraForm Global pursuant to the company's alleged false statements issued in connection with its IPO, and asks for compensatory damages.
Besides TerraForm and SunEdison, the class action also names TerraForm's CEO, chief financial officer and senior vice president; JPMorgan Securities; Barclays Capital; Citigroup Global Markets; Goldman Sachs; Merrill Lynch, Pierce Fenner & Smith; Deutsche Bank Securities; BTG Pactual US Capital; Itau BBA USA Securities; SMBC Nikko Securities America; SG Americas Securities; and Kotak Mahindra. The financial institutions participated as underwriters for the IPO, the class says.
They are represented by Lesley Portnoy with Glancy Prongay & Murray. Portnoy did not immediately respond to a request for Both TerraForm and SunEdison declined to comment.
Source: http://www.courthousenews.com/2015/10/27/terraform-investors-say-sunedison-duped-them.htm
TerraForm Global misled shareholders into investing $620 million into the renewable-energy company, and its stock dropped by over 50 percent within three months, shareholders say in a class action filed in state court.
Lead plaintiff Simon Fraser's securities class action, filed Friday in San Mateo County Superior Court, asserts violations of the Securities Act against TerraForm Global and its parent company SunEdison Inc.
The complaint is the Top Download for Courthouse News on Tuesday.
TerraForm, which owns and operates renewable-energy generation assets worldwide, was created by solar company SunEdison to serve as an investment vehicle to fund SunEdison projects.
Called "yieldcos," such investment vehicles created by parent companies "have become popular among investors seeking dividends, and TerraForm Global was marketed to such dividend-seeking investors as a 'high-growth' company," the shareholders say in their 20-page complaint.
On Aug. 4, the company completed its initial public offering of 45 million shares at $15 per share, leaving TerraForm with net proceeds of approximately $620 million from the IPO.
SunEdison issued a press release two days later disclosing second quarter losses of nearly 40 cents more per share than estimated, which caused TerraForm's stock to decline by $2.39, the lawsuit says.
A month later, SunEdison insiders revealed during an Oct. 7 investor conference call that the company was shifting its focus away from yieldcos such as TerraForm and indicated a slowdown in the acquisition of energy-generating assets, including solar and wind assets, the shareholders say.
SunEdison also said it was reducing its workforce by up to 15 percent, according to the lawsuit.
On Thursday, TerraForm's shares dropped to $7.94 for a cumulative loss of more than $7 per share in less than three months.
The shareholders say that the information TerraForm filed with the Securities and Exchange Commission in anticipation of its IPO was misleading because it did not disclose that SunEdison was about to report disappointing financial results for the 2015 second quarter.
SunEdison failed to disclose that it was changing its business strategy in a way that would hurt TerraForm, the shareholders say.
The class seeks to represent anyone who purchased the common stock of TerraForm Global pursuant to the company's alleged false statements issued in connection with its IPO, and asks for compensatory damages.
Besides TerraForm and SunEdison, the class action also names TerraForm's CEO, chief financial officer and senior vice president; JPMorgan Securities; Barclays Capital; Citigroup Global Markets; Goldman Sachs; Merrill Lynch, Pierce Fenner & Smith; Deutsche Bank Securities; BTG Pactual US Capital; Itau BBA USA Securities; SMBC Nikko Securities America; SG Americas Securities; and Kotak Mahindra. The financial institutions participated as underwriters for the IPO, the class says.
They are represented by Lesley Portnoy with Glancy Prongay & Murray. Portnoy did not immediately respond to a request for Both TerraForm and SunEdison declined to comment.
Source: http://www.courthousenews.com/2015/10/27/terraform-investors-say-sunedison-duped-them.htm
Thursday, October 08, 2015
SunEdison, Shares Fizzling, Promises a New Strategy
Alternative-energy firm to stop selling solar and wind farms to its own affiliates, to lay off 1,000
SunEdison Inc., the big solar-power developer whose stock has fallen abruptly out of favor with investors, tried to woo them back Wednesday with promises to revamp its business strategy.
Monday, October 05, 2015
Layoffs at SunEdison as Investors Question the Renewable Energy Developer’s Strategy
SunEdison will hold an investor call on Wednesday at 8 am to detail the company's new strategy.
In mid-September, SunEdison rented out the House of Blues in Disneyland and held a private party for hundreds of solar professionals at the industry's biggest U.S. conference, Solar Power International.
It started off as a normal gathering. People mingled at multiple bars. A house band played on a small stage upstairs. Waiters handed out meat on sticks.
Suddenly, all the televisions throughout the bar displayed a mysterious countdown clock. When it hit zero, the party transformed. In a blur of multi-colored lights and electronic music, go-go dancers, and men in yellow body suits carrying giant glow sticks filled a multi-level stage in the back of the building. Balloons rained down on the dancing crowd. People sported body paint, fake mustaches and oversized sunglasses.
It was a celebration that a company at the top of its game would throw. Except SunEdison was not at the top of its game.
At the time of the party, the company’s stock had tumbled from a 52-week high of $33.45 down to $11.50. And the stock price of its YieldCo, TerraForm Power, had fallen from $42.15 to $21.61 over the summer. In July, SunEdison had a market cap of more than $9 billion. Today, its market cap is $2.6 billion.
In retrospect, the countdown clock could be interpreted as an ominous sign.
Investor confidence had been wavering for some time. Many were having a hard time understanding SunEdison's acquisition spree -- specifically, the $2.2 billion purchase of the residential installation company Vivint Solar in July.
Executives called the Vivint acquisition a big step toward creating the first renewable energy supermajor. The street wasn't fully convinced of the plan.
With its stock still under pressure, SunEdison is now culling its workforce. According to a company-wide memo from CEO Ahmad Chatila released on September 30, SunEdison will be laying off around 10 percent of its 7,300 employees. Many employees received notices on Friday.
"Overall, the proposed changes result in an overall reduction of about 30%, 20% being from non-labor expenses and about 10% from headcount reduction. And this process will take some time to complete. Most of the changes will be announced during the fourth quarter with some final steps expected in the first quarter of 2016," reads the memo.
The staff reduction will come through integrating acquired companies and "eliminating redundancy." It will also come from simplifying management structures in different areas of the business, and focusing on a smaller range of geographic regions.
The cuts have reached all the way to the VP level, but not the executive level. Sources within the company expressed worry and surprise that the cuts didn't impact the architects of the Vivint acquisition.
When asked for comment, SunEdison would not address the cuts specifically.
We are proposing to take several actions around the world to optimize our business, align with current and expected market opportunities and position ourselves for long-term growth. In October we plan to provide investors with a more comprehensive view of our business structure and go-forward strategic growth plan in a conference call," wrote spokesperson Gordon Handelsman in an email.
The company is expected to inform investors of its new strategy sometime this week.
"Now it is time to take the next step in optimizing our business. Over the next six months, we are going to optimize our platform to take advantage of efficiencies, enhance cost savings, increase gross margins, and target investment areas with the greatest opportunity," wrote Chatila in the memo.
Read the entire article
In mid-September, SunEdison rented out the House of Blues in Disneyland and held a private party for hundreds of solar professionals at the industry's biggest U.S. conference, Solar Power International.
It started off as a normal gathering. People mingled at multiple bars. A house band played on a small stage upstairs. Waiters handed out meat on sticks.
Suddenly, all the televisions throughout the bar displayed a mysterious countdown clock. When it hit zero, the party transformed. In a blur of multi-colored lights and electronic music, go-go dancers, and men in yellow body suits carrying giant glow sticks filled a multi-level stage in the back of the building. Balloons rained down on the dancing crowd. People sported body paint, fake mustaches and oversized sunglasses.
It was a celebration that a company at the top of its game would throw. Except SunEdison was not at the top of its game.
At the time of the party, the company’s stock had tumbled from a 52-week high of $33.45 down to $11.50. And the stock price of its YieldCo, TerraForm Power, had fallen from $42.15 to $21.61 over the summer. In July, SunEdison had a market cap of more than $9 billion. Today, its market cap is $2.6 billion.
In retrospect, the countdown clock could be interpreted as an ominous sign.
Investor confidence had been wavering for some time. Many were having a hard time understanding SunEdison's acquisition spree -- specifically, the $2.2 billion purchase of the residential installation company Vivint Solar in July.
Executives called the Vivint acquisition a big step toward creating the first renewable energy supermajor. The street wasn't fully convinced of the plan.
With its stock still under pressure, SunEdison is now culling its workforce. According to a company-wide memo from CEO Ahmad Chatila released on September 30, SunEdison will be laying off around 10 percent of its 7,300 employees. Many employees received notices on Friday.
"Overall, the proposed changes result in an overall reduction of about 30%, 20% being from non-labor expenses and about 10% from headcount reduction. And this process will take some time to complete. Most of the changes will be announced during the fourth quarter with some final steps expected in the first quarter of 2016," reads the memo.
The staff reduction will come through integrating acquired companies and "eliminating redundancy." It will also come from simplifying management structures in different areas of the business, and focusing on a smaller range of geographic regions.
The cuts have reached all the way to the VP level, but not the executive level. Sources within the company expressed worry and surprise that the cuts didn't impact the architects of the Vivint acquisition.
When asked for comment, SunEdison would not address the cuts specifically.
We are proposing to take several actions around the world to optimize our business, align with current and expected market opportunities and position ourselves for long-term growth. In October we plan to provide investors with a more comprehensive view of our business structure and go-forward strategic growth plan in a conference call," wrote spokesperson Gordon Handelsman in an email.
The company is expected to inform investors of its new strategy sometime this week.
"Now it is time to take the next step in optimizing our business. Over the next six months, we are going to optimize our platform to take advantage of efficiencies, enhance cost savings, increase gross margins, and target investment areas with the greatest opportunity," wrote Chatila in the memo.
Read the entire article
Why is SunEdison/First Wind giving so much money away to so called environmental groups in Maine?
It started off as a normal gathering. People mingled at multiple bars. A house band played on a small stage upstairs. Waiters handed out meat on sticks.
Suddenly, all the televisions throughout the bar displayed a mysterious countdown clock. When it hit zero, the party transformed. In a blur of multi-colored lights and electronic music, go-go dancers, and men in yellow body suits carrying giant glow sticks filled a multi-level stage in the back of the building. Balloons rained down on the dancing crowd. People sported body paint, fake mustaches and oversized sunglasses.
It was a celebration that a company at the top of its game would throw. Except SunEdison was not at the top of its game.
"You cannot 'rationalize' what is not rational to begin with - as if lying were called 'truthization.' There is no way to obtain more truth for a proposition by bribery, flattery, or the most passionate argument - you can make more people believe the proposition, but you cannot make it more true". -- Eliezer Yudkowsky
Monday, August 10, 2015
The collapse in SunEdison
The collapse in SunEdison (where Einhorn is the biggest holder) seems extremely 'margin-call, liquidation-forced' in style... especially the last 2 days...
Monday, August 03, 2015
Spanish company tops list of US corporate welfare hogs
How much welfare Uncle Sam provides companies has long been one of the great mysteries of taxpayer spending. Like a secret underground river, boodles have flowed out of the Treasury and into corporate bank accounts without notice.
Now we finally have a first look at the size of that river and where the cash goes.
The federal government has quietly doled out $68 billion through 137 government giveaway programs since 2000, according to a new database built by a nonprofit research organization, Good Jobs First. It identified more than 164,000 gifts of taxpayer money to companies. You can look up company names, subsidy programs and other freebies at the Subsidy Tracker 3.0 website.
A report the organization released today, “Uncle Sam’s Favorite Corporations,” shows that big businesses raked in two-thirds of the welfare.
The most surprising and tantalizing finding is the identity of the biggest known recipient of federal welfare. That dubious honor belongs to Iberdrola, a Spanish energy company with a reputation for awful service and admissions of incompetence. It collected $2.1 billion of welfare on a $5.4 billion investment in U.S. wind farms from coast to coast.
In fact, 10 of the 50 biggest recipients of federal welfare are foreign-owned firms. Try to imagine Congress debating a bill giving welfare payments to poor Canadians, Mexicans and Europeans and you’ll see the absurdity of U.S. taxpayers providing welfare to the owners of foreign corporations.
Thursday, July 02, 2015
White House touts EPA emission rules as long-term subsidy for wind
The White House says the power plant rules it plans to roll out this summer are part of a bid to create "long-term" incentives for wind and solar energy.
President Obama's senior climate change adviser, Brian Deese, explained the strategy Tuesday in a conference call with reporters to discuss a new agreement between the U.S. and Brazil to derive 20 percent of their electricity from renewable energy by 2030, excluding hydro-electric resources.
The Environmental Protection Agency's emission rules for power plants, known as the Clean Power Plan, would be used to undergird that goal, according to Deese.
"Our path to get there is consistent with the overall approach we've laid out, including principally being driven by the long-term incentives in the Clean Power Plan," Deese said. "One of the things we intend to accomplish in implementing the final Clean Power Plan rule … is to demonstrate strong, long-term incentives for investments in renewables."
Tuesday, March 03, 2015
Former Cohocton clerk repays $36K, gets sent to jail
A former Cohocton Town Clerk will serve four months in jail for stealing $36,000 from town coffers.
Sandra L. Riley, 50, of Cohocton, was also sentenced Monday by Steuben County Judge Peter Bradstreet to five years probation. She has repaid the town its $36,000.
She resigned the clerk position in October 2014 and pleaded guilty to grand larceny in December.
District Attorney Brooks Baker said the sentence is a message to those who would line their own pockets at taxpayer expense.
“It’s a demonstration of what happens when somebody breaches the public trust,” Baker said. “It’s not being tolerated anymore.”
Riley was immediately remanded to the Steuben County Jail to serve her time.
She stole approximately $36,000 over a six-year period, according to police, from interest and penalties on property tax payments, as well as from the sale of marriage licenses, dog licenses, hunting licenses, Steuben County Landfill tickets and building permits.
Her arrest in September 2014 followed an investigation by the state police’s Bureau of Criminal Investigation in Bath and the New York State Comptroller’s Office.
Town Supervisor Jack Zigenfus told the court Monday that Riley’s role as an elected official makes her offenses particularly heinous.
“This is a person that was elected by the people of our town six times and took an oath of office,” he said at the sentencing. “I believe … a person under those circumstances should be held to a higher standard than others.”
Zigenfus also said Riley’s actions have placed a burden upon town officials to regain the trust of those they serve.
“She has cast a dark shadow over all of us elected town officials due to her actions,” he said. “I have always been proud as the Town Supervisor and Chief Fiscal Officer that I ran a tight ship and swore that I would do my best to make sure that such a thing would not happen under my watch. I now have to answer to the Comptroller of the State of New York for what happened.”
Zigenfus told The Leader the town now has tighter controls in place for tax payments and other transactions, and has contracted an outside firm to oversee the town’s finances on a monthly and yearly basis.
He also said there remains ongoing investigations into Riley’s actions, and believes it’s possible more could be uncovered.
“(The investigation) only went back seven years,” Zigenfus said. Riley served as clerk for 15 years.
As for the town’s future, he said he believes the position is now in good hands.
After Riley’s resignation, the Town Board conducted interviews to fill the unexpired term for the position.
The board selected Martha Hall.
“She came to us from Five Star Bank,” Zigenfus said. “She was an excellent candidate.”
While Hall holds the full powers and responsibilities of an elected Town Clerk, she will need to win election in November to retain the position.
Source
Monday, March 02, 2015
Former Cohocton Town Clerk Given Prison Time
March 2, 2015
BATH, NY – Former Cohocton Town Clerk Sandra Riley was sentenced this morning in Steuben County Court.
Riley was given 4 months in Steuben County Jail, 5 years probation, and must pay restitution.
The former town clerk was arrested in September 2014, and pleaded guilty on December 22, 2014.
Riley was accused of stealing over $36,000, while working at Cohocton Town Hall.
Wednesday, February 25, 2015
SunEdison’s Brave New World: YieldCos, First Wind
SunEdison has gone through a lot of changes in the past year, diversifying beyond solar power and into wind power through its $2.4 billion acquisition of First Wind, and beyond being solely a developer of projects for others into owning its own projects through its YieldCo, TerraForm Power.
On Wednesday, SunEdison reported fourth-quarter and fiscal year 2014 results that helped illustrate how these shifts are affecting the company’s bottom line -- and laying the groundwork for matching global demand for renewable energy.
SunEdison reported fourth quarter non-GAAP revenues of $625.5 million and a net loss of $42.7 million, or 16 cents per share, compared to revenues of $540 million and a net loss of $181.8 million, or 68 cents per share, in the fourth quarter of 2013.
On a GAAP basis, the company reported fourth-quarter 2014 revenues of $610.5 million and a net loss of $242.1 million, or 89 cents per share, compared to fourth-quarter 2013 revenues of $681.2 million and a net loss of $283.4 million, or $1.06 per share.
These results didn’t match analysts’ fourth-quarter targets of revenues of $683.8 million and a loss of 32 cents per share, pushing SunEdison’s share price down slightly in after-hours trading Wednesday. But shares had regained those losses in early Thursday trading -- perhaps because of the rosier picture painted by the company’s record-setting 2014 project growth, as well as its backlog and pipeline of projects.
SunEdison reported a record 1,048 megawatts of new projects in 2014, up 506 megawatts, or 94 percent, from the previous year. That included 783 megawatts of projects retained on its balance sheet through the spinout of TerraForm this summer, and projects “dropped down” into that YieldCo since then, SunEdison CFO Brian Wuebbels said in a Thursday morning conference call. TerraForm Power reported fourth-quarter 2014 net sales of $42.6 million, up from $4.5 million in the same quarter in 2013.
The YieldCo structure allows SunEdison to retain the ongoing income from projects and attract investors looking for steady income and dividends, rather than the revenues from projects developed and sold to third parties. Other companies have set up YieldCos such as NRG Yield, NextEra Energy Partners, Abengoa Yield, and TransAlta Renewables.
But SunEdison, unlike these other companies that have created their own YieldCos, has not reported a profitable quarter on a GAAP basis since 2011. The company’s vertically integrated silicon and semiconductor manufacturing and solar project development business model, created when U.S. semiconductor manufacturer MEMC bought SunEdison in 2009, was hit hard by ongoing price pressures, and the future worry of losing the U.S. federal Investment Tax Credit (ITC) for solar projects in 2017.
SunEdison reported 467 megawatts of projects under construction at the end of the fourth quarter, and a pipeline of 5.1 gigawatts, with 973 megawatts of gross additions in 2014. Here’s a breakdown of those projects by geographic region and size, along with a chart that shows the growth of projects retained on the company's balance sheet.
“As we continue to see the acceleration of our yield vehicles, you’re going to see the plan to move further and further to retaining more projects and selling fewer projects,” Wuebbels said.
SunEdison is still growing its utility-scale and distributed solar business in North America, CEO Ahmad Chatila said in Thursday’s call. Indeed, SunEdison has quietly launched a residential solar loan program called SolarOwn. At the same time, “We continue our strong momentum in emerging markets,” and “we expect these markets to outpace the overall markets in the coming years,” he said.
In particular, “when Europe went through its challenges, we refocused our efforts on LatAm,” he said, using shorthand for Latin America, where SunEdison has taken the lead in terms of operational capacity, according to GTM Research’s Latin America PV Playbook. SunEdison has also submitted a confidential S-1 filing to create a second YieldCo, focusing on emerging markets in Africa and Asia, he said.
As for First Wind, it brought 1.6 gigawatts of pipeline and backlog to the company’s fourth-quarter results, as well as an additional 1.6 gigawatts of projects eligible for U.S. Production Tax Credits (PTC), Wuebbels said. First Wind is also the 11th-largest solar PV developer in the U.S., with a total of 468 megawatts in operation and in development, according to GTM Research's U.S. Utility PV Market Tracker.
SunEdison has also set up a warehouse facility, which combines $500 million in equity financing with $1 billion in long-term and revolving debt, to finance construction of both wind and solar projects, Wuebbels said. “This is only the first of several innovations we’re working on to create additional sources of growth capital beyond capital markets while continuing to drive down the cost of capital for our capital business,” he said.
Fourth-quarter non-GAAP gross margins were 10.8 percent, down from the third quarter’s 15.8 percent but up from the 4.9 percent gross margins of the fourth quarter of 2013. As this chart indicates, the company’s margins have been dragged down by the poor performance of its silicon materials segment.
Other highlights of the quarter included:
On Wednesday, SunEdison reported fourth-quarter and fiscal year 2014 results that helped illustrate how these shifts are affecting the company’s bottom line -- and laying the groundwork for matching global demand for renewable energy.
SunEdison reported fourth quarter non-GAAP revenues of $625.5 million and a net loss of $42.7 million, or 16 cents per share, compared to revenues of $540 million and a net loss of $181.8 million, or 68 cents per share, in the fourth quarter of 2013.
On a GAAP basis, the company reported fourth-quarter 2014 revenues of $610.5 million and a net loss of $242.1 million, or 89 cents per share, compared to fourth-quarter 2013 revenues of $681.2 million and a net loss of $283.4 million, or $1.06 per share.
These results didn’t match analysts’ fourth-quarter targets of revenues of $683.8 million and a loss of 32 cents per share, pushing SunEdison’s share price down slightly in after-hours trading Wednesday. But shares had regained those losses in early Thursday trading -- perhaps because of the rosier picture painted by the company’s record-setting 2014 project growth, as well as its backlog and pipeline of projects.
SunEdison reported a record 1,048 megawatts of new projects in 2014, up 506 megawatts, or 94 percent, from the previous year. That included 783 megawatts of projects retained on its balance sheet through the spinout of TerraForm this summer, and projects “dropped down” into that YieldCo since then, SunEdison CFO Brian Wuebbels said in a Thursday morning conference call. TerraForm Power reported fourth-quarter 2014 net sales of $42.6 million, up from $4.5 million in the same quarter in 2013.
The YieldCo structure allows SunEdison to retain the ongoing income from projects and attract investors looking for steady income and dividends, rather than the revenues from projects developed and sold to third parties. Other companies have set up YieldCos such as NRG Yield, NextEra Energy Partners, Abengoa Yield, and TransAlta Renewables.
But SunEdison, unlike these other companies that have created their own YieldCos, has not reported a profitable quarter on a GAAP basis since 2011. The company’s vertically integrated silicon and semiconductor manufacturing and solar project development business model, created when U.S. semiconductor manufacturer MEMC bought SunEdison in 2009, was hit hard by ongoing price pressures, and the future worry of losing the U.S. federal Investment Tax Credit (ITC) for solar projects in 2017.
SunEdison reported 467 megawatts of projects under construction at the end of the fourth quarter, and a pipeline of 5.1 gigawatts, with 973 megawatts of gross additions in 2014. Here’s a breakdown of those projects by geographic region and size, along with a chart that shows the growth of projects retained on the company's balance sheet.
“As we continue to see the acceleration of our yield vehicles, you’re going to see the plan to move further and further to retaining more projects and selling fewer projects,” Wuebbels said.
SunEdison is still growing its utility-scale and distributed solar business in North America, CEO Ahmad Chatila said in Thursday’s call. Indeed, SunEdison has quietly launched a residential solar loan program called SolarOwn. At the same time, “We continue our strong momentum in emerging markets,” and “we expect these markets to outpace the overall markets in the coming years,” he said.
In particular, “when Europe went through its challenges, we refocused our efforts on LatAm,” he said, using shorthand for Latin America, where SunEdison has taken the lead in terms of operational capacity, according to GTM Research’s Latin America PV Playbook. SunEdison has also submitted a confidential S-1 filing to create a second YieldCo, focusing on emerging markets in Africa and Asia, he said.
As for First Wind, it brought 1.6 gigawatts of pipeline and backlog to the company’s fourth-quarter results, as well as an additional 1.6 gigawatts of projects eligible for U.S. Production Tax Credits (PTC), Wuebbels said. First Wind is also the 11th-largest solar PV developer in the U.S., with a total of 468 megawatts in operation and in development, according to GTM Research's U.S. Utility PV Market Tracker.
SunEdison has also set up a warehouse facility, which combines $500 million in equity financing with $1 billion in long-term and revolving debt, to finance construction of both wind and solar projects, Wuebbels said. “This is only the first of several innovations we’re working on to create additional sources of growth capital beyond capital markets while continuing to drive down the cost of capital for our capital business,” he said.
Fourth-quarter non-GAAP gross margins were 10.8 percent, down from the third quarter’s 15.8 percent but up from the 4.9 percent gross margins of the fourth quarter of 2013. As this chart indicates, the company’s margins have been dragged down by the poor performance of its silicon materials segment.
Other highlights of the quarter included:
- An average cost of solar installations of $2.97 per watt, on the high side of the company’s projections for the year
- Fourth-quarter capital expenditures of $47.8 million, of which $23.1 million was incurred in the semiconductor materials segment
- $158.9 million in capital expenses incurred to secure the wind turbines expected to result in 1.6 gigawatts of PTC-eligible wind projects
- $304.3 million spent on acquisitions
Friday, February 20, 2015
Monday, February 16, 2015
Hawaii Wind Farm, Failing, for Sale
An SEC filing required as a condition of the potential sale of windfarms from Hawaii’s largest wind farm developer, First Wind, to TerraForm Power, Inc., have revealed a number of difficulties the subsidized windfarm has faced in meeting its terms of operation with regard to generating and delivering reliable power to the grid.
As reported in the Hawaii Free Presss (Feb. 8), the SEC filing paints a company in trouble, even before the sale is approved. In the filings TerraForm acknowledged:
We have limited experience in energy generation operations. As a result of this lack of experience, we may be prone to errors .... We lack the technical training and experience with developing, starting or operating non-solar generation facilities. With no direct training or experience in these areas, our management may not be fully aware of the many specific requirements related to working in industries beyond solar energy generation. Additionally, we may be exposed to increased operating costs, unforeseen liabilities or risks, and regulatory and environmental concerns associated with entering new sectors of the power generation industry, which could have an adverse impact on our business as well as place us at a competitive disadvantage relative to more established non-solar energy market participants. In addition, such ventures could require a disproportionate amount of our management’s attention and resources. Our operations, earnings and ultimate financial success could suffer irreparable harm due to our management’s lack of experience in these industries.
Equipment Problems
TerraForm’s filing also indicates First Wind’s wind farms suffer from an array of problems. For instance, under its power purchasing agreement, First Wind was required to install and maintain a battery energy storage system to maintain electric grid stability and reliability. However, the battery system manufacturer and manager, Xtreme Power, is in bankruptcy and no longer provides replacement batteries or other necessary components. Though First wind is attempting to secure replacement batteries, it admits the new battery system may not be able to meet the company’s terms of operation.
An additional equipment problem uncovered in TerraForm’s SEC filing is the turbines and other equipment originally produced and supplied to First Wind by Clipper Windpower are no longer manufactured, backed or serviced by Clipper. A number of defects were found in the turbines and other equipment Clipper provided, affecting various turbines operations up to the present. The defects resulted in prolonged, “downtime for turbines at various projects,” according to TerraForm’s SEC filing.
Prolonged arbitration and litigation ensued, resulting in a settlement agreement signed by First Wind releasing Clipper from all warranty and maintenance obligations. As a result, TerraForm reports, “if Clipper equipment experiences defects in the future, we will not have the benefit of a manufacturer’s warranty on such original equipment, may not be able to obtain replacement components and will need to self-fund the correction or replacement of such equipment, which could negatively impact our business financial condition, results of operations and cash flows.”
Location and Financing Problems
TerraForm lists a number of other problems potentially resulting in losses or even the closure of some turbines or windfarm sites entirely. For instance, First Wind did not properly notify the FAA of wind turbine construction in certain locations, thus if aviation conflicts arise, the turbines may have curtail their operation or even be shut down. In addition, operations at some wind farm locations have been curtailed due to an excessive number of endangered bats and birds being killed by the turbines.
TerraForm is also concerned the wind farms it wishes to purchase may be unable to secure financing for ongoing operations unless Congress keeps in place the entire panoply of subsidies and tax advantages wind farms currently benefit from. According to TerraForm, “PTCs and accelerated tax depreciation benefits generated by operating projects can be monetized by entering into tax equity financing agreements with investors that can utilize the tax benefits, which have been a key financing tool for wind energy projects. The growth of our wind energy business may be dependent on the U.S. Congress extending the expiration date of, renewing or replacing PTCs, without which the market for tax equity financing for wind projects would likely cease to exist.” It is an open question whether Congress will continue to renew the wind production tax credit or if it will continue to provide favorable tax breaks to the energy industry.
With the all of these forces buffeting First Wind’s wind farms, one may wonder why TerraForm wants to purchase the assets.
Friday, February 13, 2015
Peer-reviewed literature supports anti-wind sentiment
In a recent WBOC newscast, Paul Harris, development manager for Pioneer Green’s Somerset County wind farm project, said there are “more than 20 peer-reviewed scientific studies that dispel health concerns related to turbines.”
I asked Harris to provide a list of these publications, which he did. Upon inspection, however, the list included only seven peer-reviewed literature reviews, none of which were experimental studies. Most of the list consisted of non peer-reviewed reports, some written by paid consultants for the wind industry.
Peer-reviewed experimental studies are important because they are the gold standard for scientific knowledge. As scientists conduct studies, they gather evidence, interpret the results and write a paper that is submitted for publication in a scientific journal.
Prior to publication, the journal sends the paper to anonymous reviewers who are experts on the topic. The expert reviewers are asked to provide a critique of the paper to ensure it meets rigorous scientific standards.
If the paper does not stand up to such scrutiny, it is not published. This process ensures the data provide the best information available and are as unbiased possible.
Contrary to Harris’s claims that industrial wind turbines pose no health risks, a quick literature search turned up more than 30 peer-reviewed studies showing negative health impacts from wind-turbine noise. Specifically, these studies include multiple human experiments demonstrating that industrial wind turbine-type noise affects human ear function and interferes with sleep.
The fact that communities continue to sue wind developers and utilities on the grounds that their quality of life and health has been compromised further reflects this reality.
Sadly, wind developers and local governments continue to ignore known health hazards and put profits before citizens.
Ryan Taylor of Westover is an associate professor of biology and bioacoustics at Salisbury University.
Saturday, February 07, 2015
SunEdison gets $410 million loan for First Wind acquisition
SunEdison, the Maryland Heights-based solar developer, has received a $410 million loan from Deutsche Bank to help pay for its $2.4 billion acquisition of First Wind, a U.S. developer, owner and operator of wind projects.
The loan carries a 3.75 percent interest rate and matures in January 2020.
The loan will be paired with financing SunEdison secured earlier this month.
The First Wind acquisition, which closed last week, added more than 1.6 gigawatts of pipeline and backlog projects for SunEdison. Those projects will eventually be sold to TerraForm Power, a subsidiary of SunEdison that serves as a yieldco for SunEdison, which owns a majority of the company.
The deal was paid for with an upfront payment of $1 billion, including the assumption of $361 million of debt at closing, and an expected $510 million of earn-out payments over two and a half years.
First Wind CEO Paul Gaynor has been appointed executive vice president of SunEdison's North American Utility and Global Wind business unit.
SunEdison shares were trading at $20.51 per share at market close Tuesday.
Source
The loan carries a 3.75 percent interest rate and matures in January 2020.
The loan will be paired with financing SunEdison secured earlier this month.
The First Wind acquisition, which closed last week, added more than 1.6 gigawatts of pipeline and backlog projects for SunEdison. Those projects will eventually be sold to TerraForm Power, a subsidiary of SunEdison that serves as a yieldco for SunEdison, which owns a majority of the company.
The deal was paid for with an upfront payment of $1 billion, including the assumption of $361 million of debt at closing, and an expected $510 million of earn-out payments over two and a half years.
First Wind CEO Paul Gaynor has been appointed executive vice president of SunEdison's North American Utility and Global Wind business unit.
SunEdison shares were trading at $20.51 per share at market close Tuesday.
Source
SunEdison Appoints EVP of North America Utility
SunEdison has appointed Paul Gaynor as Executive Vice President of SunEdison, responsible for the North America Utility and Global Wind business unit.
Paul Gaynor was previously the Chief Executive Officer of First Wind Holdings, LLC, which SunEdison acquired earlier this year. As the leader of the North America Utility and Global Wind business, Mr. Gaynor is charged with reinforcing SunEdison's leadership position in the North America utility scale solar market, growing the global wind platform and accelerating the development and construction of the projects acquired from First Wind.
"Paul possesses both the breadth and depth of industry experience and the leadership abilities that are essential to growing SunEdison's North America Utility and Global Wind business. At First Wind, Paul helped to build one of the leading U.S. wind energy companies, putting in place first-class development and operations," said Ahmad Chatila, President and Chief Executive Officer of SunEdison. "At SunEdison, Paul will apply his development and management expertise to accelerate the growth of our business as we go to market with a clean energy platform."
"I'm excited to join SunEdison and lead a very dynamic and experienced North American team," said Gaynor. "I look forward to working with my team to develop, build and operate well-sited and well-run renewable energy projects that deliver clean, cost effective solar and wind energy to our customers across North America and around the world."
Source
Paul Gaynor was previously the Chief Executive Officer of First Wind Holdings, LLC, which SunEdison acquired earlier this year. As the leader of the North America Utility and Global Wind business, Mr. Gaynor is charged with reinforcing SunEdison's leadership position in the North America utility scale solar market, growing the global wind platform and accelerating the development and construction of the projects acquired from First Wind.
"Paul possesses both the breadth and depth of industry experience and the leadership abilities that are essential to growing SunEdison's North America Utility and Global Wind business. At First Wind, Paul helped to build one of the leading U.S. wind energy companies, putting in place first-class development and operations," said Ahmad Chatila, President and Chief Executive Officer of SunEdison. "At SunEdison, Paul will apply his development and management expertise to accelerate the growth of our business as we go to market with a clean energy platform."
"I'm excited to join SunEdison and lead a very dynamic and experienced North American team," said Gaynor. "I look forward to working with my team to develop, build and operate well-sited and well-run renewable energy projects that deliver clean, cost effective solar and wind energy to our customers across North America and around the world."
Source
Wednesday, January 21, 2015
Baron Winds Wind Project, Steuben County, NY
- Up to 300 MW
- Up to 150 wind turbines
- Approximately 320,000 tons of offset CO2 each year
The Baron Winds Wind project is a proposed 300 MW wind farm located in the Towns of Hornellsville, Hartsville, Fremont, Wayland, and Cohocton and in Steuben County, NY. The project will be located on primarily farmland and recreational land and could include up to 150 turbines when completed. The project’s point of interconnection is expected to be in the existing Canandaigua substation in the Town of Cohocton. Current plans will utilize a turbine at 100 meter (330 feet) hub height and will include a series of project roads and overhead and underground collection and transmission lines throughout the project area.
The project will be subject to the New York State Article 10 Siting Process and will also be required to obtain other state, local and federal permits prior to construction and operation. If built the project would result in an estimated 320,000 tons of CO2 emission reductions, and will span up to 40,000 acres.
Power projects in NY are now permitting using the Article X Process. Information on the Process can be found by clicking the links below. Please check this site often for updates on the progress of the Baron Winds Wind Project.
Contact
For additional information and questions contact Kevin Sheen
Email: ksheen@everpower.com
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