Cohocton Wind Watch
Cohocton Wind Watch is a community citizen organization dedicated to preserve the public safety, property values, economic viability, environmental integrity and quality of life in Cohocton, NY and in surrounding townships. Neighbors committed to public service in order to achieve a reasonable vision for a Finger Lakes region worthy of future generations.


READ about the FIRST WIND Connection to the Obama Administration

Industrial Wind and the Wall Street Cap and Trade Fraud




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Thursday, December 31, 2015

DAVID TEPPER: People who think I'm betting on SunEdison 'must be high'

Tepper: Believers of SunEdison rumor must be high

Rethinking The Collapse Of Wall Street Favorites Valeant And SunEdison

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

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

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.

Click on link to submit your SEC complaint on the
First Wind Holdings Inc. IPO public offering


TEN Reasons
Why the SEC should not allow First Wind to be listed on NASDAQ

First Wind Holdings Inc. 12/22/09 SEC S1/A IPO Filing

First Wind Holdings Inc. 7/31/08 SEC S1 IPO Filing

May 14, 2010 addition to the First Wind Holdings Inc. SEC S1A IPO Filing

August 18, 2010 amendment 7 to the First Wind Holdings Inc. SEC S1A IPO Filing

October 13, 2010 Filing update to the First Wind Holdings Inc. SEC S1A IPO Filing

New October 25, 2010 Filing update to the First Wind Holdings Inc. SEC S1A IPO Filing


FIRST WIND Lays an Egg WITHDRAWS IPO
after Wall Street no confidence in company




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Risks of Industrial Wind Turbines is a group of citizens and organizations dedicated to preserve the public safety, property values, economic viability, environmental integrity and quality of life of residents and future generations.

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