at the Citizen Power Alliance 2010 Wind Conference
BATR RealPolitik Newsletter - Another Green Energy Fraud - November 20, 2014
SunEdison, TerraForm to Acquire First Wind for $2.4 Billion
|SunEdison Inc. (SUNE) and its power-plant holding company, TerraForm Power Inc. (TERP), agreed to buy closely held First Wind Holdings Inc. for $2.4 billion, expanding the types of renewable-energy projects it can develop.|
The acquisition will give Maryland Heights, Missouri-based SunEdison a foothold in the U.S. wind market, the company said in a statement today. SunEdison now expects to install as much as 2.3 gigawatts of capacity next year, up from a range of 1.6 gigawatts to 1.8 gigawatts.
The addition of First Wind, based in Boston, is “transformative,” accellerating the companies’ “engine” for renewable project development, Ahmad Chatila, president and chief executive officer of SunEdison, said in an interview.
“The reason why we’re doing it is really it doubles our served available market,” Chatila said. “Now we have combined with the best team in wind.”
SunEdison, which won’t change its name to reflect the new strategy, hopes to capitalize on the growth opportunities in the global wind energy market. Wind power in the U.S., where First Wind’s project development has been located, is expected to grow 15 percent next year, according to Bloomberg New Energy Finance forecasts.
SunEdison’s shares rose as much as 6 percent in after-market trading.
The purchase, which is expected to close in the first quarter, will consist of a $1.9 billion upfront payment and $510 million dependent on First Wind completing backlog projects.
TerraForm will add 521 megawatts of First Wind projects to its portfolio under the deal, with 1.6 gigawatts of projects expected to be developed by SunEdison and dropped down into TerraForm in 2016 and 2017, the companies said in the statement.
The transaction “checks all the boxes,” TerraForm Chief Executive Officer Carlos Domenech said in an interview. “What First Wind does for TerraForm is very much what SunEdison does on the solar side performing as a sponsor.”
TerraForm will add 4.6 gigawatts of installs between wind and solar by the end of 2017 after the deal, including the 3.1 gigawatts already planned with SunEdison.
“We are in the business of packaging electrons into long-term contracts,” Domenech said. “Wind is a great asset class and we see tremendous growth potential. For us this is a logical expansion into renewables.”
The company expects to look into acquiring other types of renewable energy projects, Domenech said, and is considering hydroelectric power, hybrid power systems and residential, commercial and industrial solar power assets.
TerraForm is a yieldco that went public in July. Yieldcos are an increasingly popular way to hold renewable energy assets. They let developers raise capital at lower costs by selling completed projects to their yieldcos and using the proceeds to fund new projects.
The purchase of First Wind is expected to be immediately accretive to TerraForm Power, delivering $72.5 million in unlevered cash available for distribution next year, according to the statement.
TerraForm raised its 2015 distribution guidance to $214 million and its dividend guidance to $1.30 a share, up 44 percent from its current 90-cent rate.
Bank of America Corp.’s Merrill Lynch acted as lead financial advisor to TerraForm in connection with the First Wind acquisition and lead structuring agent on the drop down warehouse credit facility. Goldman Sachs Group Inc. acted as exclusive financial advisor to First Wind.
To contact the reporter on this story: Tina Davis in New York at email@example.com
To contact the editors responsible for this story: Reed Landberg at firstname.lastname@example.org Iain Wilson, Keith Gosman
SunEdison, TerraForm to buy First Wind for $2.4 billion
|Solar company SunEdison Inc. and unit TerraForm Power Inc. said they would buy First Wind for $2.4 billion to enter the U.S. wind power market.|
SunEdison’s shares rose 6.6 percent to $17.70, while TerraForm shares rose 1.2 percent to $26.15 in after-market trading.
The deal comprises $1.9 billion in upfront payment and $510 million in earn-outs, the companies said.
Boston-based First Wind is operating or building renewable energy projects in the Northeast, the West and Hawaii, with a combined capacity of nearly 1,300 megawatts — enough to power more than 425,000 homes each year.
First Wind has been a major player in developing wind farms in Maine, with sites active and planned across northern, western and eastern Maine. It is a frequent target for environmentalists and regulators, and counts among its top executives a former high-ranking Baldacci administration official, Kurt Adams, who now sits on the University of Maine board of trustees.
The company is involved in at least six wind power projects in Maine.
SunEdison raised its 2015 installation forecast to 2.1-2.3 gigawatts from 1.6-1.8 gigawatts . TerraForm increased its 2015 dividend forecast to $1.30 per share from 90 cents.
TerraForm was created by SunEdison to own and operate its solar power plants. TerraForm went public in July.
The deal is expected to close during the first quarter of 2015, the companies said.
SunEdison’s share in the total consideration consists of an upfront payment of $1 billion and the earn-out portion.
TerraForm Power will acquire First Wind’s operating portfolio for an enterprise value of $862 million.
Wind Turbines Declarded "HUMAN HEALTH HAZARD"
|Duke Energy’s Shirley wind turbines declared a "HUMAN HEALTH HAZARD"|
filed: October 16, 2014 • Press releases, Wisconsin
Credit: Brown County Citizens for Responsible Wind Energy, October 16, 2014, bccrwe.com ~~
DENMARK, WISCONSIN – At the October 14, 2014 Brown County Board of Health meeting, a motion was unanimously approved declaring the Shirley Wind turbines a “Human Health Hazard”. The text of the unanimously approved motion reads:
“To declare the Industrial Wind Turbines at Shirley Wind Project in the Town of Glenmore, Brown County, WI, a Human Health Hazard for all people (residents, workers, visitors, and sensitive passersby) who are exposed to Infrasound/Low Frequency Noise and other emissions potentially harmful to human health.”
We applaud the integrity of the Brown County Board of Health in the work they have done to carry out their mission to ‘promote individual and community health’. They have been deeply involved in trying to resolve the public health crisis that has existed in the Town of Glenmore since Emerging Energies of Wisconsin built the industrial wind project there in 2010. The project has been sold twice since its construction and is now owned by the renewables arm of Duke Energy, with Wisconsin Public Service purchasing the electricity.
Since the erection of the 8 turbines in Glenmore, among the largest in the United States at just under 500 feet tall, three families have vacated the homes they still own and complaints involving over 75 people in the project area have been filed with the Brown County Board of Health (including affidavits representing over 50 people that have been submitted to the Public Service Commission of Wisconsin). The root of the complaints and the home abandonments are the conditions created by Shirley Wind, allege the residents.
The declaration of Duke’s Shirley wind turbines as “Human Health Hazards” follow a year long study linking the signature of inaudible low frequency noise (created by the passing of the massive turbine blades past their supporting towers) to the homes that have been abandoned and to the homes where people continue to suffer. The Board of Health was asked to look at the study’s raw data, the evidence linking the sound data to the wind turbines, peer-reviewed medical research and the complaints of the people living in the conditions around Duke’s Shirley Wind project. They looked at the facts, they listened to the residents, they studied the medical literature, and then made the connection between Shirley Wind’s operations and the suffering in Glenmore – declaring the wind turbines a “Human Health Hazard”.
The Brown County Board of Health, the Brown County Human Services Committee, and the Brown County Board of Supervisors have all taken action on the wind turbine issue over the past four years. When resolutions have been sent to the State of Wisconsin to conduct the studies that their own PSC-funded testing called for, nothing was done. When emergency relocation aide was requested for those families forced from or suffering in their homes, the request was ignored. When they endorsed the ‘Wisconsin Citizens Safe Wind Siting Guidelines’ which includes science-based protections from low frequency noise, they were summarily dismissed. Brown County has now recognized this as a public health issue caused by the operation of Duke’s Shirley Wind.
The State of Wisconsin has stripped the right of towns and counties to responsibly site wind turbines in their own communities and have created state-wide siting rules with little protection for families forced to live in wind projects. The State refuses to recognize the health impacts around its existing wind turbine installations and draft better protections for future projects. By ignoring these impacts, they are dooming more communities to the same fate as the Town of Glenmore.
PO Box 703
Denmark WI 54208
Sierra Club and Sierra Club Foundation Accused of Tax Law Violations
FOR IMMEDIATE RELEASE –
E&E Legal Files Referral With IRS Regarding Sierra Club and Sierra Club Foundation Tax Law Violations
Read the entire article at:
INDUSTRIAL WIND NEEDS BLOWBACK (Siemens ad campaign targeting U.S. taxpayers)
|Industrial Wind Needs Blowback (Siemens ad campaign targeting U.S. taxpayers)|
by Mary Kay Barton
August 20, 2014
If you watch much mainstream TV, you’ve probably seen Siemens’ recent multi-million-dollar advertising blitz to sell the American public on industrial wind.
As it turns out, the wind business abroad has taken a huge hit of late. European countries have begun slashing renewable mandates due to the ever-broadening realization that renewables cost far more than industrial wind proponents have led everyone to believe — not only economically, but environmentally, technically, and civilly as well.
As reported in the article Siemens onshore, offshore pain: “Siemens’ energy business took a €48m hit in the second quarter related to a bearings issue with onshore turbines and a €23m charge due to ongoing offshore grid issues in Germany.”
Since Siemens’ tax-sheltering market is drying up in Europe, their marketing efforts in the U.S. are clearly geared towards increasing income for its investors via wind’s tax sheltering schemes here. Taxpayers, ratepayers beware!
As a company who stands to profit handsomely by it, Siemens ad campaign is obviously part of an overall pitch to urge Congress to extend the very lucrative wind Production Tax Credit (PTC), or more accurately, the “Pork-To-Cronies” bill.
As Warren Buffett recently admitted, “We get tax credits if we build lots of windfarms. That’s the only reason to build them. They don’t make sense without the tax credit.”
President Obama claims he wants to “close corporate loopholes,” while his policies (i.e.: the PTC) continue to funnel $Billions of taxpayer dollars to his wealthy corporate insiders – all while the unconscionable debt we are leaving for our children and grandchildren continues to mount.
IRS’s End-run Around Legislation
Increasing public awareness of the scam that wind energy really is has led to increased opposition to extending any more corporate welfare to Big Wind via the PTC and ITC. Enter another bureaucratic end-run around legislation by this Administration.
As recently reported by the WSJ, the IRS has relaxed the definition of “commence construction” to the point where the definition bears no resemblance to the actual words. Curtis G. Wilson of the IRS admitted at a hearing by the House Energy Policy, Health Care and Entitlements subcommittee (chaired by Congressman James Lankford (R-OK)) last October, that developers can game the system to the point where projects built years from now could still meet the eligibility requirements.
U.S. taxpayers and ratepayers are doomed when, instead of allowing the markets to work, crony-Corruptocrats are picking the winners and losers in the energy marketplace using such nefarious tactics.
Things Wind Advertisements Won’t Tell You
Sadly, most people don’t even know the difference between energy and power. This reality has laid the framework for the biggest SWINDLE to ever be perpetrated on citizens worldwide. Many well-intended people have bought in on the alarmists’ theory that “We have to do something” in order to stop “Global Warming” – Enter, the wind industry sales department.
Siemens needs to convince the 80% of U.S. citizens who live in suburbia that industrial wind factories are “environmentally-friendly,” and that everyone loves them. Thus, as usual for these disingenuous ad campaigns, a sprawling wind factory is pictured amongst green fields, with no homes anywhere to be seen, while a happy Iowa leaseholder smiles and says she loves wind.
Taking a drive out Route 20A in Wyoming County of western New York State, however, tells a far different story. The western side of Wyoming County – which used to be some of the most beautiful countryside in New York State, has been industrialized with 308 giant, 430 foot-tall towers, and their 11-ton, bird-chopping blades spinning overhead, only hundreds of feet from peoples’ homes and roadways. There’s no doubt that Siemens won’t be showing you this reality in any of their TV ads!
Unfortunately for the residents of the Wyoming County town of Orangeville, NY, greed at the top in Washington, DC determined their fate. The sole reason Invenergy went ahead with their plans to build their 58-turbine project in Orangeville was that the PTC was added as pork for those sucking at the teat of wind welfare in the wee hours of the morning, 1/1/13.
Ever appreciative for the handouts, Ukrainian Michael Polsky – the owner of Invenergy, rewarded President Obama by holding a $35,000 a plate fundraiser at his mansion in Chicago. President Obama is so committed to Big Wind that he’s even legalized 30-Year EAGLE KILL Permits just for the wind industry.
There you have it – corporate cronyism in all its glory, with bird murder as their crowning glory.
Word of impending lawsuits linger in Orangeville. It remains to be seen if disenchanted leaseholders will end up suing Big Wind, as others have. In the meantime, we’re hoping we don’t have any more 11-ton blade breaks that throw shrapnel for thousands of feet, or airplanes crashing into wind turbines during fog, as occurred in South Dakota earlier this year, killing all four on board. (Bet you won’t be seeing any of these facts on Siemens’ ads either.)
Elected Officials: Energy Literacy, Please
What’s most frustrating when attempting any kind of correspondence regarding these energy issues with many elected officials, is the kind of response I received from New York State Senator Schumer when I wrote him a letter about ending the Wind PTC. Senator Schumer never even mentioned the PTC in his response to me, but instead, rambled on about the need to “reduce foreign oil imports,” and increase “efficiency” – neither of which have anything to do with wind-generated electricity.
Senator Schumer recently feigned alarm following complaints by citizens about soaring electric rates, demanding answers about it — while simultaneously supporting extending the Wind PTC (as well as other rate-increasing “renewable” projects). Senator Schumer’s hypocrisy is outrageous, and simply unacceptable.
Perhaps it’s time that U.S. ratepayers and taxpayers demand that their elected officials first pass an energy literacy exam before they pass on such cost-exorbitant, ‘green’ boondoggles to consumers.
Call to Action!
Congress is on vacation through August, which makes this the perfect time to approach your Senators and Representatives while they’re home. We can attend town hall meetings and in-district fundraisers. Remind your representatives that WE put them in office, and that WE can just as easily VOTE THEM OUT!
Since energy plays a pivotal role in our national economy – impacting the cost of absolutely everything else, candidates should have “Energy” listed on their Issues webpage.
Good candidates will support an “All of the Sensible“ energy policy as opposed to the “All of the Above” energy policy which President Obama has been pushing on behalf of the ‘green’ movement. “Sensible” alternative energy options are those that have scientific proof that they have a net societal benefit.
Industrial wind fails this test miserably!
For more information, you can refer them to an excellent book that I have handed out to a number of elected officials — Power Hungry: The Myths of “Green” Energy and the Real Fuels of the FuturebyRobert Bryce.
Continue to call and write their offices, and encourage them to oppose any extension of the PTC and ITC! Write letters to your local newspapers, copy their district offices, and post information on their social media pages (i.e.: Facebook & Twitter).
We must demand accountability from elected officials, or VOTE THEM OUT! Reliable, affordable energy is what has made America great. Let’s keep it that way.
Industrial Wind Needs Blowback (Siemens ad campaign targeting U.S. taxpayers) — MasterResource
USFWS Seeking Public Input on Eagle-KILL permits to the Wind Industry
USFWS Seeking Public Input on 30-Year Eagle-KILL permits to the Wind Industry
The United States Fish and Wildlife Service (USFWS) is asking for public input as to whether they should extend “non-purposeful” or “incidental” “take permits” from the current 5 years to 30 years.USFWS is also looking at a number of other important changes in how they interpret and enforce the Bald and Golden Eagle Protection Act (or not) through the issuance of permits. There are problems with both existing practice and the currently proposed changes.
We need citizens to attend one of the five public meetings and/or provide written comments to the USFWS.
July 22, 2014: Sacramento, CA, 5 p.m. to 8 p.m., Red Lion Hotel Woodlake Conference Center, 500 Leisure Lane, Sacramento, CA, 95815 [map]
July 24, 2014: Minneapolis, MN, 5 p.m. to 8 p.m., DoubleTree Bloomington-MSP South, 7800 Normandale Blvd., Bloomington, MN 55439 [map]
July 29, 2014: Albuquerque, NM, 5 p.m. to 8 p.m., DoubleTree Albuquerque, 201 Marquette Avenue Northwest, Albuquerque, NM 87102 [map]
July 31, 2014: Denver, CO, 5 p.m. to 8 p.m., Holiday Inn Denver Airport, 6900 Tower Rd, Denver, CO 80249 [map]
August 7, 2014: Washington, DC, 1 p.m. to 5 p.m., South Interior Building, 1951 Constitution Ave, NW Washington, DC 20240. [map]
BROOKINGS INSTITUTE: Wind and Solar are the Worst
|BROOKINGS INSTITUTE: Wind and Solar are the Worst |
Wind’s PTC: The Opposition Mounts (117 groups and counting)
Wind’s PTC: The Opposition Mounts (117 groups and counting)
by Robert Bradley Jr.
June 11, 2014
Concentrated benefits/diffused costs. The cronies, rent-seeking profits calculated, lobby government in the capitals. Most of the rest of us, just paying a fraction of a penny for their many dollars, stay home. That’s how government grows and bad public-policy rationales get going.
Wind power and other qualifying renewables got their government largesse long ago. Even before the Energy Policy Act of 1992, the American Wind Energy Association (AWEA) was promising coming competitiveness with just a bit more subsidy, a little more time. Then the taxpayer favor could go away, they promised time and again.
The open-ended, outsized tax subsidy for qualifying renewable energy, a mainstay of Obama energy policy, is a Republican, not only Democrat, problem. Texas, for example, thanks to Enron in a bootlegger-and-Baptist coalition with pro-wind environmentalists, is a Republican friendly state for AWEA et al. Note the support for wind from, for example, Sen. John Cornyn.
New Coalition Letter
Earlier this week, a coalition letter (reprinted below) urged Congress not to renew the wind PTC in these words:
“On behalf of our groups and organizations, together representing millions of Americans, we write to express our strong opposition to renewing expired wind tax incentives.
“Over the past 20 years, American taxpayers have seen little return from the forced investment in wind energy. This handout consistently fails to deliver on its promise of long-term job creation, economic activity, and affordability. It promotes government favoritism in the energy marketplace, threatens the reliability of the electric grid, and a 1 year extension costs $12 billion over 10 years. Recent reports and studies have also shown that subsidizing wind energy results in higher electricity costs for American families.
“American taxpayers deserve a portfolio of energy solutions that are economically viable, not those that have to be propped up by carve outs in the tax code.”
See more at:
The myth of the climate change 97%
The myth of the climate change 97%
By Joseph Bast and Roy Spencer
Secretary of State John Kerry, President Obama
and others frequently claim that climate change
will have “crippling consequences,” and that
“Ninety-seven percent of scientists agree that
climate change is real, man-made and dangerous.”
In reality, the assertion is science fiction. The
so-called consensus comes from a handful of
surveys and exercises in counting abstracts from
scientific papers – all of which have been contra-
dicted by more reliable research.
There is no basis for the claim that "97% of scientists" believe that man-made
climate change is a dangerous problem.
To read the entire WSJ article, go to:
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