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« Queen Hillary Needs 5 Swipes To Enter NYC Subway | Main | DC Madam Lawyer Blair Sibley Is Probably Depressed Today So Go To His Blog And Say Something Nice »
Thursday
Apr072016

Green Energy Chronicles: SunEdison Enters Death Spiral

Green Energy Chronicles

John's latest update on graft, corruption and waste in the energy sector.

---

SunEdison Preparing to File for Bankruptcy

Solar-energy company SunEdison Inc. plans to file for bankruptcy protection in coming weeks, a dramatic about-face for a company whose market value stood at nearly $10 billion in July.

Separately Monday, Reuters reported that more than two dozen lawsuits have been filed against SunEdison and its executives since the beginning of the year, primarily from shareholders claiming to have been misled about the company's financial position. The lawsuits also include large and small plaintiffs seeking payment, including Massachusetts-based Valley Home Improvement, alleging it's owed $37,000 for solar panel installation, and Silicon Valley's Khosla Ventures and partners claim SunEdison owes them $6 million related to a $27.5 million acquisition of EchoFirst Inc., according to the news agency.

 

TerraForm Says SunEdison Deal Robbed Division of $231 Million

Under the First Wind deal, SunEdison and TerraForm Power bought 500 megawatts of operating wind farms, 21 megawatts of operating solar farms and 1.6 gigawatts of development-stage projects. They deferred about $510 million in earn-out project payments, and about $231 million of that amount remains unpaid. That’s the amount D.E. Shaw and Madison Dearborn Capital are seeking from TerraForm Power, which also was one of the buyers and shares responsibility for the debt, according to the suit.

The case involving the First Wind deal is D.E. Shaw Composite Holdings LLC v. TerraForm Power LLC, 651752/2016, New York State Supreme Court, New York County. The other case is TerraForm Global Inc. v. SunEdison Inc., No. 12159, Delaware Chancery Court (Wilmington).

 

SunEdison’s Subsidy-Fueled Collapse

The company burned no fossil fuels but plenty of taxpayer dollars. Even $1.5 billion in subsidies and loan guarantees can’t save a “clean” energy company from bankruptcy. That’s the takeaway from the looming failure of SunEdison, a company that touts itself as the “largest global renewable energy development company.” Once a darling of Wall Street and the green Left because of SunEdison’s portfolio of wind and solar projects, the company’s stock is now in free fall. Furthermore, two related companies that were spun off from SunEdison — TerraForm Global and TerraForm Power — also appear to be in financial distress. On March 30, Brian Wuebbels, the CEO of both TerraForm companies, resigned effective immediately. If all that weren’t enough, the company is also under investigation by both the Justice Department and the Securities and Exchange Commission about its finances and the disclosures it made to investors.

 

Bloomberg Video

 

SunEdison Death Spiral

 

Former First Wind CEO sudenly departs Sun Edison. (just weeks after being name EVP of North American Operation).

 

Energy Jobs: SunEdison Boardroom Bloodletting Begins, Plus More CEO Moves

 

When SunEdison went through difficult layoffs in October 2015, hundreds were let go -- but the folks in the C-suite were mostly left unscathed. As GTM's Stephen Lacey reported, "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."

The other shoe has started to drop.

 

  • According to Julien Dumoulin-Smith at UBS, Steve Tesoriere, "an activist investor [who] played a key role in developing SunEdison’s YieldCo strategy," has resigned from the solar and wind developer's board. Tesoriere's Altai Capital Management owns approximately 2.3 percent of SunEdison, according to a proxy filing. UBS notes, "Tesoriere was also one of four to resign as a board member of SunEdison YieldCo TerraForm Power in November 2015."
  • SunEdison COO Francisco “Pancho” Perez Gundin left the company last week.
  • According to UBS, Paul Gaynor (former First Wind CEO) has also departed, although this was not disclosed in the 8K filing. "Given Paul's former role as CEO of First Wind, we continue to perceive growing risk to execution on guided targets, particularly on wind backlog," reported UBS.

Oaktree acquired asset management, operations and maintenance firm Solarrus and namedMark McLanahan as CEO. He was formerly VP of global services at SunEdison.   

Northern States Metals, a maker of extruded aluminum products and owner of Solar FlexRack, a ground-mount solar racking system supplier, named Jeff Gwinnell as CEO. Gwinnell was most recently CEO of Avtron, a manufacturer of engineered equipment and components. Gwinnell replaces Tom Meola, who resigned from the company after four years as CEO. Solar FlexRack has completed more than 1 gigawatt worth of solar racking installations.       

CLEAResult, a 3,000-employee firm that designs and implements energy-efficiency programs for utilities, named Aziz Virani as its new CEO. Virani joins the company from Avanade, a technology consultancy. Prior to Avanade, Virani was a partner at Accenture. Co-founder and interim CEO Jim Stimmel will return to the executive VP position and remain on the board. CLEAResult is part of equity firm General Atlantic's portfolio. Robert Scheuermann, SoCore Energy’s interim president and CFO, was officially named full-time president of the C&I solar developer. SoCore Energy is a subsidiary of Edison International

Chris Beitel is now COO of battery-based energy storage firm SimpliPhi Power. Previously, Beitel was executive VP of global operations and planning at Silevo, playing a role in its $350 million acquisition by SolarCity. The company's battery technology uses a lithium-ferrous-phosphate chemistry. 

Tom Werthan was named CFO at Phononic, a solid-state cooling and heating technology startup. Previously, Werthan was CFO at Solid State Equipment, a semiconductor capital equipment firm sold to Veeco in 2014. The near-term applications for Phononic's thermoelectrics include high-end refrigeration for labs and medical facilities, as well as cooling for fiber optics and data servers. Phononic has raised more than $85 million in funding from investors including Eastwood Capital, Wellcome Trust, Tsing Capital, Venrock, Oak Investment Partners, and Rex Health Ventures.    

Jacqueline DeRosa was promoted to VP of emerging technologies at Customized Energy Solutions, a consultancy and energy market specialist. CES recently acquired the assets of demand-response startup Powerit.  

Sighten, a solar software provider, added Vivek Malipatil, previously with Verengo Solar, as VP of strategy and operations, and Mariya Nomanbhoy, previously with CPF, as VP of product. Sighten landed a $3.5 million round A of venture funding from Obvious Ventureslate last year for its platform to drive down solar's soft costs. 

Karen Gados was promoted to chief of staff at SunShare Community Solar, a developer of community solar programs.       

 

Clinton’s Cover-Up Team

Ray Maxwell, a former assistant secretary of state for North Africa, has told reporters that Mills was one of several Clinton aides who on a Sunday afternoon “separated” out Benghazi-related documents that might put Clinton or her team in a “bad light.” These documents were kept out of the pile that the State Department turned over to the Accountability Review Board that was investigating Benghazi. When Maxwell stumbled upon the operation, which was taking place in a “basement operations-type center at State Department headquarters in Washington,” he questioned whether it was above-board. “Isn’t that unethical?” he asking the office director in charge of the weeding-out process. “Ray, those are our orders,” she answered. A few minutes later, Mills entered the room and challenged Maxwell over his presence, asking him, “Who are you?”

-------

My question to Ray Maxwell is this. Have you or Hillary facilitated any business for UPC Renewables North Africa? UPC Renewables was after all, a parent company of First Wind.

More here.

 

Sun Edison payment due dates:

SUNE Bond Coupon Date 4/1/2016: $255,700,000 SUNE Bond Coupon Date 4/15/2016: $316,100,000 

 

How many SunEdisons and Terraform Power versions are there? You'll be quite surprised!

 

 

-------

 

 

PREVIOUS GREEN CHRONICLES

 

The Five Circles Of Carbon Tax Hell

 

Why Wind Power Won't Work

 

BUSTED: Deutsche Bank Raided In Carbon Tax Fraud

 

John Kerry Comes Out Swinging On Climate Change

 

 

Photo by William Banzai7...

 

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Reader Comments (25)

SunEdison Said to Be Preparing to File for Bankruptcy
Company would rank among largest financial collapses in recent years

http://www.wsj.com/articles/sunedison-said-to-be-preparing-to-file-for-bankruptcy-1459548775

Solar-energy company SunEdison Inc. plans to file for bankruptcy protection in coming weeks, a dramatic about-face for a company whose market value stood at nearly $10 billion in July…





The DOJ is currently looking into various transactions between SUNE, TERP and GLBL. SUNE is expected to file BK late Friday.
Apr 7, 2016 at 6:14 AM | Unregistered Commenterjohn
For the entire series of 'Chronicles', got to my last edition:

http://dailybail.com/home/green-corruption-the-five-circles-of-carbon-tax-hell.html

and enjoy! At the end of each article is a link to the previous one.


Thanks DB for having me back!
Apr 7, 2016 at 6:31 AM | Unregistered Commenterjohn
What in the Sam Hill is going on here? Since "green" energy obviously has nothing to do with helping the environment, what... is it just a money-laundering operation?
Apr 7, 2016 at 7:50 AM | Unregistered CommenterCheyenne
Excellent work, John and DB!

When SunEdison bought First Wind for $2.4 billion (1/15) to become the world's largest renewable energy developer it was clear to me that things would go South for SUNE.

SunEdison Executive Vice President Paul Gaynor is the former CEO of Boston-based UPC that changed their name to First Wind.

SUNE stock value plummeted 71.4% within three months following the First Wind transaction,

SunEdison EVP Gaynor didn't last long.

GreenTech Media Erci Westoff on January 26, 2016 reports Paul Gaynor has departed SunEdison.
‘Energy Jobs: SunEdison Boardroom Bloodletting Begins, Plus More CEO Moves’
According to UBS, Paul Gaynor (former First Wind CEO) has also departed, although this was not disclosed in the 8K filing. "Given Paul's former role as CEO of First Wind, we continue to perceive growing risk to execution on guided targets, particularly on wind backlog," reported UBS.

http://www.greentechmedia.com/articles/read/Energy-Jobs-SunEdison-Boardroom-Bloodletting-Begins-Plus-More-CEO-Moves

Mottley Fool on February 16, 2016 headline informs:

SunEdison Inc Running Out of Survival Options
Bankruptcy could be around the corner if some court rulings don't go SunEdison Inc's way.
http://www.fool.com/investing/general/2016/02/16/sunedison-inc-running-out-of-survival-options.aspx

The Wall Street Journal.
‘Investors Win Restraining Order Against SunEdison’
“Order, related to Latin America Power lawsuit, temporarily restricts unusual moves with assets”
http://www.wsj.com/articles/investors-win-restraining-order-against-sunedison-1455219775

A little history on Boston-based First Wind--
Gaynor was appointed by former MA Gov Deval Patrick as Advisor on green rules allowing Gaynor to write the rules with then MA Energy Secretary Ian Bowles that favored Gaynor's industry in his own marketplace.

First Wind CEO Paul Gaynor is former Massachusetts Governor Deval Patrick appointed Co-chair of “The Climate Protection Advisory Committee” under the Global Warming Solutions Act. First Wind Paul Gaynor was named co-chair of the Mass Department of Environmental Protection Advisory Committee “Low Carbon Energy Supply Subcommittee.”

First Wind Director Ian Bowles is the former MA Executive Secretary of Energy and Environment under the MA Governor Deval Patrick Administration. Bowles is also the Founding Chairman of the Mass Clean Energy Center MassCEC that doles out ratepayer dollars to renewable companies.

And, by (First Wind) UPC direct testimony, Italian Vento Power Corporation( IVPC) is an affiliate and subsidiary. Italian Vento Power Corporation IVPC Director Oreste Vigorito, with partner Vito Nicastri, were targets of Operation "Gone With the Wind", a 2009 investigation by anti-Mafia police into wind energy fraud in order to obtain public subsidies that evolved to the largest-ever asset seizure by anti-Mafia police in Italy.

Hawaii Free Press
by Andrew Walden

'Hawaii Wind developer tied to Largest-ever asset seizure by anti-Mafia police'

http://www.hawaiifreepress.com/ArticlesMain/tabid/56/ID/4008/Hawaii-Wind-Developer-tied-to-Largest-ever-asset-seizure-by-anti-Mafia-police.aspx

Keep up the great work, John!
Apr 7, 2016 at 8:47 AM | Unregistered CommenterBarbara Durkin
Thanks and same to you, Barb. Looking forward to doing the follow up with you!
Apr 7, 2016 at 9:37 AM | Unregistered Commenterjohn
Great stuff John and Barb.

I added links to your previous stories at the bottom of the piece, and I also added a SunEdison bankruptcy link at the very top.
Apr 7, 2016 at 11:04 AM | Registered CommenterDailyBail
Separately Monday, Reuters reported that more than two dozen lawsuits have been filed against SunEdison and its executives since the beginning of the year, primarily from shareholders claiming to have been misled about the company's financial position. The lawsuits also include large and small plaintiffs seeking payment, including Massachusetts-based Valley Home Improvement, alleging it's owed $37,000 for solar panel installation, and Silicon Valley's Khosla Ventures and partners claim SunEdison owes them $6 million related to a $27.5 million acquisition of EchoFirst Inc., according to the news agency.

http://www.bizjournals.com/stlouis/morning_call/2016/04/sunedison-preparing-for-bankruptcy-looks-to-sell.html
Apr 7, 2016 at 11:05 AM | Registered CommenterDailyBail
Thanks for that one. We will be doing a concise follow up shortly!
Apr 7, 2016 at 11:32 AM | Unregistered Commenterjohn
TransCanada looks to sell Maine wind farm

http://www.pressherald.com/2016/03/28/transcanada-looks-to-sell-maine-wind-farm/

WEST LEBANON, N.H. — TransCanada is looking to sell its New England power generation business, including its wind farm in western Maine and hydroelectric dams on the Connecticut River, as part of its effort to finance its $10 billion acquisition of Houston-based Columbia Pipeline Group.
Apr 7, 2016 at 4:41 PM | Unregistered Commenterjohn
Here is another article I did at here that I never linked in the usual way. Good info here.

http://dailybail.com/home/links-chinas-wanxiang-wins-us-taxpayer-funded-a123.html
Apr 7, 2016 at 7:44 PM | Unregistered Commenterjohn
Moosehead group aims to defeat Somerset wind project

http://www.centralmaine.com/2016/04/07/moosehead-group-says-it-is-committed-to-defeating-somerset-wind-project/

Members of the Moosehead Region Futures Committee, which opposes wind development in the Moosehead Lake area, said Thursday they worry that SunEdison might file for bankruptcy and they are committed to defeating the group's plan for a 6-turbine wind farm.

=========

Thanks Amy!
Apr 8, 2016 at 9:09 AM | Unregistered Commenterjohn
This "House of Cards" - built on ignorance of the Sun's source of energy - will surely fall.

https://dl.dropboxusercontent.com/u/10640850/Solar_Energy.pdf
Apr 8, 2016 at 9:40 AM | Unregistered CommenterOliver K. Manuel
From Silicon Valley to Main Street, firms say SunEdison owes money

http://www.reuters.com/article/us-sunedison-inc-lawsuits-idUSKCN0X110K

Businesses ranging from Silicon Valley venture capitalists to a small Massachusetts solar installer say they are owed money by SunEdison Inc, underscoring the breadth of a breakneck expansion seen contributing to the solar and wind energy company's financial woes.

Two dozen legal claims have been made since the beginning of the year against SunEdison and its executives, mainly from shareholders who claim the company misled them about its financial position, a review of cases on Westlaw showed.

None of the lawsuits reviewed have yet been adjudicated, nor have the claims been validated. Most are too recent for SunEdison to have filed a response to, and the company did not respond to requests for comment.

The breadth of partner lawsuits showed the results of an "out of control shopping spree" in 2014 and 2015, said Pavel Molchanov, an analyst who follows the solar industry for Raymond James.

"This was expansion on steroids and obviously we are seeing how that movie is ending very badly because the company is struggling to keep up with its bills," Molchanov said.

The claims themselves are still being adjudicated, and the number is not unusually high for a bankruptcy, but the variety of claimants indicates nervousness among creditors, said Rick Antonoff, a bankruptcy attorney with Blank Rome LLP, who is not involved in SunEdison cases.

Westlaw did not show responses from SunEdison in the partner and supplier cases, aside from one request for time.

The company is expected to file for Chapter 11 bankruptcy protection within weeks, the Wall Street Journal reported, [nL2N1742AI].

Clients big and small are seeking payments. Western, Massachusetts based Valley Home Improvement Inc says it is owed $37,000 for installing solar panels on two homes, while temporary staffing firm Aerotek Inc on Friday alleged SunEdison failed to pay more than $1 million at projects in Colorado, California and elsewhere.

And Silicon Valley green energy investor Vinod Khosla's firm, Khosla Ventures, and venture capital firm Sigma Partners and Fortis Advisors sued SunEdison in March for allegedly stopping payments for its 2013 acquisition of solar heating startup EchoFirst Inc.

Khosla and partners say SunEdison owes $6 million on the $27.5 million deal.
Apr 8, 2016 at 10:33 AM | Unregistered Commenterjohn
SunEdison's Woes Could Derail India's 'Ultra Mega' Solar Drive

http://fortune.com/2016/04/07/sunedison-india-solar-drive/

The likely collapse of SunEdison’s solar project in India, the first of 32 planned “ultra mega” complexes, could delay Prime Minister Narendra Modi’s goal to increase renewable energy fivefold by several years and probably cost consumers more.

As the U.S. solar giant fights to stave off bankruptcy, the 500 megawatt project in Andhra Pradesh state it won last November lies idle with ground yet to be broken. The other projects are still to be bid on.

It’s doubtful any rival will pick up the project at the aggressive power pricing promised by SunEdison SUNE -6.96% , which beat out 29 other bidders with a record-low tariff of 4.63 rupees (7 U.S. cents) per kilowatt-hour.

That will force Indian officials to tighten auction rules to ensure that only serious, bankable bidders show up, industry sources said. India plans to auction more of the “ultra mega” projects — those which generate at least 500 MW — in the current fiscal year through to March 2017.
Apr 8, 2016 at 11:25 AM | Unregistered Commenterjohn
SHAREHOLDER ALERT: The Law Offices of Vincent Wong Notifies Investors of Class Action Involving TerraForm Power Inc. and a Lead Plaintiff Deadline of June 3, 2016 - TERP
25 min ago - GlobeNewswire
Apr 8, 2016 at 12:13 PM | Unregistered Commenterjohn
Needham Drops Sunedison Bomb: Assets Will Sell For 'Pennies,' Bankruptcy Is Only Possible Outcome

http://www.benzinga.com/analyst-ratings/analyst-color/16/04/7805980/needham-drops-sunedison-bomb-assets-will-sell-for-pennie?utm_campaign=partner_feed&utm_source=marketwatch.com&utm_medium=partner_feed&utm_content=analyst_ratings_page


In a rare mid-day analysis, Needham's Edwin Mok dropped coverage of Sunedison Inc
SUNE 11.4%
, warning that bankruptcy is the "only viable outcome" for the struggling solar company.

Mok pulled his Hold rating on Sunedison amid what he called a "cash crunch as the result of an over leveraged balance sheet and unclear accounting of its liquidity," as first reported by Barron's.

Last week, the company said it had been approached by the SEC and is under a subpoena from the Department of Justice; a separate Dow Jones report said Sunedison is prepping a chapter 11 filing.

Mok, for his part, didn't hold anything back.

"Unfinished projects likely sold for pennies," he wrote. "A vast majority of the cash on hand is committed to projects, but SUNE does not have the liquidity to complete those projects. A bankruptcy proceeding would likely force the company to sell its project portfolio and pipeline to raise capital for debt repayment."

"The completed projects should be able to fetch market value, but given the uncertain status of those unfinished projects in its pipeline, we expect those would be sold at a substantial discount."

How did Sunedison get into this mess? "Management was relying on the combination of yieldco funding, debt project financing and its own liquidity," the analyst explained, before adding: "[T]he strategy to become the world’s largest renewable energy company through multiple acquisitions overextended SUNE’s financial liquidity and ultimately accelerated its cash crunch."
Apr 8, 2016 at 12:18 PM | Unregistered Commenterjohn
Stock Broker and Partner Arrested for Microcap Stock Manipulation Scheme

https://www.justice.gov/usao-ma/pr/stock-broker-and-partner-arrested-microcap-stock-manipulation-scheme

BOSTON – A former New Hampshire stock broker and his Florida-based partner were arrested today on charges arising out of their participation in a market manipulation scheme which was actually part of an FBI undercover operation.

Robert Raffa, 56, of Penacook, NH., and David Aubel, 57, of Marco Island, Fla., were charged in a criminal complaint with conspiracy and wire fraud based on their involvement in a scheme to manipulate the market for the publicly traded securities of Green Energy Renewable Solutions, Inc., a penny stock company that claimed to be in the business of developing and operating waste processing and recycling facilities near Detroit, MI. They were arrested at their respective homes in New Hampshire and Florida.

According to the charging documents, in early 2012, Raffa and Aubel used four foreign entities to covertly acquire nearly all of Green Energy’s unrestricted stock without reporting their controlling interest as required by law. They then hired a promoter to send blast e-mails touting Green Energy to potential investors. Meanwhile, it is alleged that Raffa and Aubel were furiously selling their shares without disclosing that they had orchestrated the campaign encouraging investors to buy.

As alleged in the criminal complaint, the initial promotion enabled Raffa and Aubel to sell more than 1.5 million shares of Green Energy stock for proceeds of about $950,000. However, Raffa and Aubel continued to control a substantial amount of Green Energy stock after the promotion ended, so they used manipulative trading techniques to stabilize Green Energy’s stock price while they searched for another promoter to run a second touting campaign. Their search led them to a stock promoter who was secretly cooperating with the FBI and an undercover FBI agent who claimed to have access to a network of corrupt stock brokers who would buy Raffa’s and Aubel’s shares and place them in customer accounts in exchange for kickbacks. Raffa and Aubel allegedly executed a trade in which they sold 174,000 shares of their Green Energy stock to an account purportedly controlled a corrupt broker, which in fact was controlled by the FBI. Following the trade, Raffa and Aubel wired $6,000 to an account they believed to be controlled by the corrupt broker, but which was actually controlled by the FBI.

In a parallel action, the Securities and Exchange Commission (SEC) announced securities fraud charges today against Raffa and Aubel in connection with the scheme.
Apr 8, 2016 at 12:55 PM | Unregistered Commenterjohn
TerraForm Power And NRG Yield: Introducing The Yieldco

http://seekingalpha.com/article/2294975-terraform-power-and-nrg-yield-introducing-the-yieldco


Summary

Yieldcos are the newfangled craze to whet the appetite of yield-chasing investors.

Yieldcos carry a significant interest rate risk and their inherent risk profile makes them unsuitable for long-term investors.

Yieldcos are also a great tool for sponsor companies to retain profits and socialize losses.






About REIT's and Yieldco's


http://seekingalpha.com/article/2294975-terraform-power-and-nrg-yield-introducing-the-yieldco
Apr 8, 2016 at 4:37 PM | Unregistered Commenterjohn
Good work John, Many businesses today seem to be nothing more than shell games designed to bilk investor money. It is no wonder they struggle to figure out how to get people investing again, your money and long term future is safer buried in the ground. I personally would rather let the grubs eat it rather than let the government protected flim- flam men steal it...
Apr 9, 2016 at 7:39 AM | Unregistered CommenterS. Gompers
Thanks Gomp! Glad to see you back. At this very moment I am getting another edition ready!
Apr 9, 2016 at 7:44 AM | Registered CommenterJohn
These "shell games" First Wind Holdings LLC et al SunEdison are nearly impossible to follow.

LET'S BEGIN WITH FIRST WIND HOLDINGS, LLC NOTED IN SEC FILINGS-

SEC 8K TerraForm Power-
On January 29, 2015, SunEdison and TerraForm First Wind ACQ, LLC, a subsidiary of TerraForm Operating, as assignee of Terra LLC under the Purchase Agreement (as defined below), completed the previously announced acquisition of First Wind Holdings, LLC (“Parent,” together with its subsidiaries, “First Wind”), pursuant to a purchase and sale agreement, dated as of November 17, 2014, as amended by the First Amendment to the Purchase and Sale Agreement, dated as of January 28, 2015 (together, the “Purchase Agreement”), among SunEdison, TerraForm Power, Terra LLC, First Wind, the members of First Wind and certain other persons party thereto (the “Acquisition”). In the Acquisition, TerraForm First Wind ACQ, LLC purchased from First Wind certain solar and wind operating projects representing 521 MW of operating power assets (including 500 MW of wind and 21 MW of solar power assets), and SunEdison purchased all of the equity interests of Parent and all of the outstanding equity interests in certain subsidiaries of Parent that own, directly or indirectly, wind and solar operating and development projects representing 1.6 GW of pipeline and backlog and development opportunities representing more than 6.4 GW of wind and solar projects.
http://www.sec.gov/Archives/edgar/data/1599947/000119312515031647/d859699d8k.htm

US District Court Maine
Defendant:
FIRST WIND HOLDINGS LLC
March 17, 2015
http://www.med.uscourts.gov/Opinions/Nivison/2015/JCN_03172015_1-14cv493_EasternMaine_v_FirstWind_MOOTED_05222015.pdf

WIKI CORPORATIONS AS SOURCE-

Companies (THIS SOURCE Ties Upco Power 1, LLC to First Wind Holdings, LLC):
https://www.corporationwiki.com/p/2ivdzt/upco-power-1-llc

Upco Power 1, LLC has another company listed as an officer. It is not uncommon for one company to hold a position in another company.

First Wind Holdings LLC
https://www.corporationwiki.com/p/2ivdzt/upco-power-1-llc

UPCO POWER 1, LLC IS LISTED AS ACTIVE IN BOSTON--

Upco Power 1, LLC
Active Boston, MA

Upco Power 1, LLC filed as a Foreign Limited Liability Company (LLC) in the State of Texas on Thursday, March 5, 2015 and is approximately one year old, as recorded in documents filed with Texas Secretary of State. A corporate filing is called a foreign filing when an existing corporate entity files in a state other than the state they originally filed in. This does not necessarily mean that they are from outside the United States.
https://www.corporationwiki.com/p/2ivdzt/upco-power-1-llc

BUT, NO RECORD OF UPCO POWER 1, LLC EXISTS WITH THE MASS DIVISION OF CORPORATIONS-

MA Division of Corporations Search:
Upco Power 1, LLC
* No records found; try a new search using different criteria
http://corp.sec.state.ma.us/corpweb/CorpSearch/CorpSearch.aspx

Business Directory of Massachusetts. FIRST WIND ENERGY MARKETING, LLC ...
• ← FIRST WET CLEANING CO
• FIRST WINTHROP CO →
FIRST WIND ENERGY MARKETING, LLC
179 Lincoln Street, Boston, MA
Industry:to Develop, Construct, Own & Operate A W, Public Relations Services Commercial Nonphysical Research
Registration:Jul 16, 2010
Phone:(617) 960-2888
Description:TO DEVELOP, CONSTRUCT, OWN O
State ID:0033799
Business type:Foreign Limited Liability Company
Entity State:DE
Member:First Wind Holdings Llc (Member)
Agent:Corporation Service Company
179 Lincoln Street, Boston, MA (Mailing)
100 North Main Street, Barre, VT (Physical)
FIRST WIND O&M FACILITIES MANAGEMENT, LLC
179 Lincoln Street, Boston, MA
Industry:Wind Development
Registration:Aug 20, 2009
Description:WIND DEVELOPMENT
State ID:0030816
Business type:Foreign Limited Liability Company
Entity State:DE
Members (2):First Wind O & M, Llc (Member)
First Wind Energy, Llc (Member, inactive)
Agent:Corporation Service Company
179 Lincoln Street, Boston, MA (Mailing)
100 North Main Street, Barre, VT (Physical)
FIRST WIND CONSTRUCTION, LLC
179 Lincoln Street, Boston, MA
Industry:Development Construction or Operation of, Wind Development
Registration:Jul 30, 2010
Description:WIND DEVELOPMENT
State ID:0032658
Business type:Foreign Limited Liability Company
Entity State:DE
Member:First Wind Energy, Llc (Member)
Agent:Corporation Service Company
179 Lincoln Street, Boston, MA (Mailing)
100 North Main Street, Barre, VT (Physical)
FIRST WIND PARTS SUPPLY, LLC
Boston, MA · Saint George, VT
Industry:Mfg Turbines/Generator Sets
Registration:Oct 24, 2012
Addresses179 Lincoln Street, Boston, MA (Physical)
400 Cornerstone Dr #240, Williston, VT (Physical)
State ID:0033266
Business type:Foreign Limited Liability Company
Entity State:DE
Member:First Wind Capital, Llc (Member) (Member)
Agent:Corporation Service Company
179 Lincoln Street, Boston, MA (Mailing)
100 North Main Street, Barre, VT (Physical)
FIRST WIND O & M, LLC
179 Lincoln Street, Boston, MA
Industry:Development Construction or Operation of, Wind Development, Management Services
Registration:Jul 30, 2010
Description:WIND DEVELOPMENT
State ID:0032659
Business type:Foreign Limited Liability Company
Entity State:DE
Members (14):Michele Beasley (Secretary, Real property), 17 Hovey Avenue, Natick, MA 01760
179 Lincoln St., Boston, MA 02111 (Physical)
Michael Alvarez (Governing, Real property, Vice-President), PO Box 26, Ross, CA 94957
179 Lincoln St., Boston, MA 02111 (Physical)
Paul Gaynor (President, Real property), 89 Springdale Avenue, Dover, MA 02030
179 Lincoln St., Boston, MA 02111 (Physical)
Peter Keel (Treasurer, Real property), 33 Whiting Road, Wellesley Hills, MA 02481
179 Lincoln St., Boston, MA 02111 (Physical)
First Wind O&m Facilities Management, Llc (Member)
...
Agent:Corporation Service Company
179 Lincoln Street, Boston, MA (Mailing)
100 North Main Street, Barre, VT (Physical)
TIN:32052962449
FIRST WIND TURBINE O&M COMPANY, LLC
Boston, MA
Registration:Nov 14, 2012
Description:ENGAGE IN ANY LAWFUL BUSINESS
Addresses179 Lincoln Street, Boston, MA (Physical)
179 Lincoln St #500, Boston, MA (Physical)
State ID:0024873
Business type:Foreign Limited Liability Company
Entity State:DE
Agent:Corporation Service Company
179 Lincoln Street, Boston, MA (Mailing)
100 North Main Street, Barre, VT (Physical)
FIRST WIND ENERGY, LLC
179 Lincoln Street, Boston, MA
Registration:Oct 28, 2003
Description:WIND DEVELOPMENT
State ID:0014246
Business type:Foreign Limited Liability Company
Entity State:DE
Agent:Corporation Service Company
179 Lincoln Street, Boston, MA (Mailing)
100 North Main Street, Barre, VT (Physical)
FIRST WIND HOLDIINGS LLC
179 Lincoln St Ste 500, Boston, MA 02111
Entity State:DE
TIN:13000344450
FIRST WIND ENERGY, LLC (inactive)
Newton, MA · Boston, MA · Charleston, WV
Industry:Wind Development, Commercial Physical Research, Mfg Turbines/Generator Sets
Doing business as:UPC WIND MANAGEMENT, LLC
WIND MANAGEMENT LLC
First Wind Energy
Registration:Jan 3, 2005
Inactive since:May 8, 2013
Phone:(617) 960-2888, (617) 574-4849
Addresses85 Wells Ave Ste 305, Newton Center, MA 02459 (Mailing)
179 Lincoln Street, Boston, MA 02111 (Mailing)
209 West Washington Street, Charleston, WV 25302 (Physical)
179 Lincoln Street S500, Boston, MA 02111 (Physical)
State ID:34537 C6
Business type:Foreign Limited Liability Company (LLC)
Entity State:DE
Expiration:Perpetual
Members (47):Mera Neiland (Project Administrator)
Jeff Sonnenberg (Senior Systems Administrator)
Michael Metzner (Executive Vice President And Chief Financial Officer)
Paul Wilson (Vice President General Counsel And Secretary)
Steve Schauer (Senior Vice President Project Finance And Treasurer)
...
Agent:Corporation Service Company D/b/a Csc-Lawyers Inco
211 E. 7Th Street Suite 620, Austin, TX 78701 (Physical)
TIN:10435455190
SIC6:362199 - Motors and generators, nec
Categories:Wind Energy Systems
FIRST WIND HOLDINGS INC (inactive)
Boston, MA · Newton, MA
Industry:Electric Services, Mfg Motors/Generators, Whol Industrial Equipment
Doing business as:First Wind Holdings LLC
Registration:Jul 23, 2008
Inactive since:Feb 2, 2011
Phone:(617) 960-2888
Addresses179 Lincoln Street, Boston, MA 02111 (Physical)
85 Wells Ave, Newton, MA 02459
State ID:000982766
Business type:Foreign Corporation
Entity State:DE
Members (49):Meghan Degasperis (Controller)
Helen Thomas (Development Manager)
Christine Duval (Receptionist/administrative Assistant)
Dave Halligan (Director Of Accounting And Controller)
Gregory Spencer (Public Relations)
...
Agent:C T Corporation System
155 Federal St., Boston, MA 02110 (Physical)
SIC6:508407 - Incinerators (Wholesale)
Company size:15
FIRST WIND CYRUS PORTFOLIO LLC (inactive)
179 Lincoln St Ste 500, Boston, MA 02111
Entity State:DE
TIN:32057511530
First Wind Railbelt, LLC (inactive)
Newton, MA · Boston, MA
Registration:Oct 9, 2008
Addresses85 Wells Ave Ste 305, Newton Center, MA 02459 (Mailing)
179 Lincoln Street, Boston, MA 02111 (Physical)
State ID:118796
Business type:Limited Liability Company
Entity State:DE
Expiration:Perpetual
Member:First Wind Alaska Holdings, Llc (Member)
Agent:C T Corporation System
9360 Glacier Hwy Ste 202, Juneau, AK 99801 (Physical)
FIRST WIND PROSPECTS LLC (inactive)
179 Lincoln St Ste 5, Boston, MA 02111
TIN:19001972462
First Wind Capital, LLC (Member) (inactive)
179 Lincoln St, Boston, MA 02111
Member:First Wind Parts Supply, Llc (Member)
First Wind Holdings, LLC (inactive)
C/o Sunedison-170 Lincoln Street, Boston, MA 02111
Member:Upco Power 1, Llc (Governing Person)
FIRST WINGATE HOUSING ASSOCIATES (inactive)
Registration:Jun 30, 1976
Inactive since:Jun 30, 2013
State ID:L86003666
Business type:Domestic Limited Partnership (LP)
https://bizstanding.com/directory/MA/FI/598/
First Wind Holdings, LLC - Notice of Transfer
Docket Index
Docket Number: 14-2490-01
In the Matter of: the Courtesy Notice of the Transfer of a Controlling Interest in First Wind Holdings, LLC, the Ultimate Parent Company of Milford Wind Corridor I, LLC
262444
Please note the Utah Department of Technology Services has discontinued the Watch This Docket (Webwatch) service, and therefore automatic notification of changes to this page is no longer provided by that service. However, A web search for “change detection notification web pages” points to a number of online services, many free, that monitor web pages and provide notification of changes. Thanks!
For questions regarding documents not linked call 801-530-6714
Date Description Format
December 8, 2014 Action Request Due: January 7, 2015
Word
December 8, 2014 First Wind Holdings, LLC - Notice of Transfer
pdf
http://www.psc.utah.gov/utilities/electric/elecindx/2014/14249001indx.htm
Apr 9, 2016 at 9:55 AM | Unregistered CommenterBarbara Durkin
Live webcam shot from one of my favorite places in the world to have a couple of cocktails and dinner. I highly recommend them.
http://www.birches.com/webcam/

For more info:

http://www.birches.com

Note: On the other side of the mountain shown on the webcam is a nice golf course…

http://www.mooseheadlakegolf.com



Here is another fantastic place to stay right by the BEST trout and salmon fishery in the Northeast.

http://www.grayghostcamps.com
Apr 9, 2016 at 10:13 AM | Unregistered Commenterjohn
Awesome post Barb! Wait till you see what's next ;-)


You are correct about the tangled web they weave. Obfuscation appears to be the rule here. What is stunning are all of the shell co's of the individual executives of FW/UPC et.al.. Brain Caffyn, Paul Gaynor etc..



My above comment is a shameless plug of the businesses of a few great folks who are fighting the inappropriate deployment of wind in a rather pristine area. I Personally know all of them and the great work they are doing. I do highly recommend their businesses to anyone wishing for a great vacation in Maine.
Apr 9, 2016 at 11:29 AM | Unregistered Commenterjohn
Barb, every story link that I had written in the past using NECN (Comcast, owned by NBC whose parent is GE) news stories has all been scrubbed by NECN. Imagine that!
Apr 9, 2016 at 11:47 AM | Registered CommenterJohn

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