SunEdison: The Biggest Corporate Implosion In U.S. Solar History
GREEN ENERGY CHRONICLES
John's latest update on graft, corruption and waste in the energy sector.
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SunEdison: A Timeline of the Biggest Corporate Implosion in US Solar History
We are witnessing the end, or perhaps the remaking, of SunEdison, briefly the world's largest renewables developer -- and now the destroyer of a massive $10 billion in stock market value. We've seen epic failure at Suntech, Solyndra and the like -- but this is in a different league.
In 2014, SunEdison jumped into deep YieldCo waters with TerraForm Power and TerraForm Global. The company made a series of large, questionable acquisitions in First Wind and Vivint, as well as a slew of lesser corporate additions.
SunEdison has not reached GAAP profitability in more than five years and lost almost $1 billion in the first three quarters of 2015. When SunEdison's stock was at its peak, the company raised debt rather than equity, and that debt load has returned with a vengeance.
It takes a very special type of ineptitude to fail on such a massive scale in what is, by most metrics, a healthy, capital-rich, high-growth renewables market. Other comparable vertically-integrated solar companies with YieldCos such as First Solar and SunPower have managed their capital, acquisitions and personnel in a much more well-paced and judicious fashion. It's evident in their steady growth, global pipeline and actual profits.
SunEdison shares closed at $1.78 Friday, giving the company a market cap of $560 million. Its shares peaked at over $32 in July 2015.
Breaking SunEdison story from Reuters:
Financial Turmoil at SunEdison Imperils Solar Projects Worldwide
This is a frightening clip from February last year. SunEdison CEO tells CNBC that his company is at least 25% undervalued.
SunEdison CEO: We are 25-30% Undervalued
5 Slides That Show Why SunEdison Bought First Wind
SunEdison CEO Ahmad Chatila was excited to speak about the growth potential of First Wind, SunEdison's $2.4 billion wind developer acquisition, during today's analyst call.
Stock markets like excitement and growth potential -- and to that end, SunEdison stock was up 29.3 percent on the big news today. Here are five slides out of the thousands shown this morning that tell a good part of the story.
"We think 2017 will be a lot larger than 2016."
Here's the growth story: "The ITC issue in the U.S.? We're going to plow through it," said the CEO, adding, "We're going to continue to increase our volumes. We think 2017 will be a lot larger than 2016."
He continued, "We took advantage of this deal to punch above our weight in a big way."
Why First Wind?
First Wind CEO Paul Gaynor said that what SunEdison and its YieldCo bought were "high-quality assets," meaning the projects are located in areas with high electricity prices and states needing to meet RPS requirements. He said the firm has "a mindset of long-term ownership. [...] We develop projects to own them, and that's the mindset we're going to take forward."
He suggested that the "marriage" of SunEdison's international in-country development and policy expertise with First Wind's domain knowledge could create an international platform "that can really set this company on fire."...
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Yes indeed Paul. You did one HELL of a job setting it on fire. Congratulations!
I've written about organized crime regarding renewables (verifiably) and carbon fraud, which is still an ongoing problem in the EU. Now I will touch a bit on cronyism and fascism. This also has also been referred to corporatism and many are unaware of how that works. In the financial world we pay taxes and someone else spends it. Somehow, the same folks keep getting the money whether they lose or win. You pay for it and get no benefit while they have no skin in the game.
And now the interview with Paul Gaynor:
Paul Gaynor, CEO of First Wind
(NECN) - On This Week in Business, Paul Gaynor, the CEO of First Wind talks about the upturn in the IPO market and his meeting in Washington this week with Treasury Secretary Geithner and Energy Secretary Chu about the role stimulus money has played in helping his business.
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TerraForm Power And NRG Yield: Introducing The Yieldcos
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.
White House memo on Renewable Energy Loan Guarantees and Grants
This explosive memo authored by White House advisers Carol Browner, Ron Klain, and Larry Summers explains how "double-dipping" by wind developers is resulting in the total government subsidy for loan guarantee recipients exceeding 60% against small private equity, as low as 10%. The appendix included with the memo is excerpted below. The full memo can be accessed by selecting the link at the bottom of this page...
Appendix: Shepherds Flat Loan Guarantee
The Shepherds Flat load guarantee illustrates some of the economic and public policy issues raised by OMB and Treasury. Shepherds Flat is an 845-megawatt wind farm proposed for Oregon. The $1.9 billion project would consist of 338 GE wind turbines manufactured in South Carolina and Florida and, upon completion it would represent the largest wind farm in the country. The sponsor's equity is about 11% of the project costs, and would generate an estimated return on equity of 30%.
Double dipping: The total government subsidies are about $1.2 billion.
|
Subsidy Type |
|
Approximate Amount |
|
Federal 1603 grant |
$500 |
|
| State tax credit |
$18 |
|
| Accelerated depreciation on Federal and State taxes |
$200 |
|
| Value of loan guarantee |
$300 |
|
| Premium paid for power from state renewable electricity standard |
$220 |
|
|
|
||
|
Total |
$1,238 |
Skin in the game: The government would provide a significant subsidy (65+%) while the sponsor would provide little skin in the game (equity about 10%).
Naming Names – Obama Contributors and the Stimulus Scandal (Page 2 of 2)
A who's who list of Barack Obama contributors and recipients of his $787 billion stimulus program.
First Wind – Received $232 million in stimulus funds. An audit revealed the money only created 125 jobs.
David Shaw: Founder of DE Shaw. Obama bundler and one of the top 3 donors to the Democratic Party. Largest shareholder of First Wind.
Larry Summers: Part owner of First Wind. Obama’s Chief Economic Advisor.
It's just a misunderstanding (no it isn't)
Sunedison Summary and Greenlight Capital
David Einhorn gaining board seats could spark a catalyst. On a SOTP parts basis, shares appear to be worth over $15 per share. Managerial changes and asset sales should act as additional catalysts for unlocking shareholder value.
David Einhorn's Greenlight Capital (NASDAQ:GLRE) will add a former partner from the hedge fund to the board of SunEdison (NYSE:SUNE). Effective immediately, Claire Gogel will join the board of SunEdison. According to filings, Greenlight Capital will look to sell various assets or the company outright. SunEdison also agreed to a deal with Greenlight not to issue equity for two years without the approval of almost all members of the board.
The market is fed up with SunEdison and slammed the company over 90% in only the last six months. Is this decline justified? Is there no value to this company? Will Einhorn be able to unlock shareholder value?
Einhorn's presence and recent board activity tell us that he sees the exceptional value or he would've left months ago. Let's see if there is a potential opportunity in SunEdison at current levels.
Here's Greenlight's Take On This
One man that is a player in this mix that both Barb and I have written about is Patrick Wood III. He is at Sun Power (among others) and we are keeping a close watch on developing issues. Here is an article from a short while back.
SunPower Says SunEdison Stole Proprietary Information
On Wednesday, SunPower, a solar panel manufacturer based in San Jose, Calif., accused a leading renewable energy developer of stealing trade secrets.
In a federal lawsuit filed in California, SunPower claims that SunEdison, a solar developer based in St. Louis, MO, obtained access to proprietary business information from former SunPower employees who joined SunEdison between 2011 and 2014.
SunEdison hired 20 employees from SunPower in the U.S., Spain and Italy between 2011 to 2014, according to the complaint filed on Wednesday in the U.S. District Court for the Northern District of California.
The information allegedly purloined by SunEdison included “distribution channel strategy information, market research, sales roadmaps and other highly confidential documents,” according to Bloomberg.
The lawsuit is indicative of the rapidly escalating intensity of competitive shaping the solar power industry.
Patrick Wood III
Patrick Wood III - Enron All Over Again
Patrick Wood's Reaction to Enron Tapes Exposing Energy Manipulation
Patrick Wood III at the Milken Institute
Patrick Wood on Fraud Task Force
Patrick Wood III on board of battery maker Xtreme Power
Finally, a clip from CNBC last week on the future of the solar industry.
Is the solar industry sizzling out?
D.R. Barton from Money Map Press says news of SunEdison's bankruptcy risk is an isolated incident, and does not represent the larger solar industry.
From last week:
SunEdison Enters Death Spiral
The Five Circles Of Carbon Tax Hell
Why Wind Power Won't Work
BUSTED: Deutsche Bank Raided In Carbon Tax Fraud
Apr 10, 2016 at 12:22 PM
Reader Comments (61)
http://fortune.com/2016/04/09/financial-turmoil-at-sunedison/
This was published today.
http://www.marketvisual.com/Search/Results?searchString=michael+u+alvarez
http://www.marketvisual.com/Search/Results?searchString=Patrick+wood+iii
We need some twisted version of the Heisenberg Uncertainty Principle for fraud-driven economic disasters: inherent in any fraud huge enough to hide Fat Fuck Larry's body is the Fat Fuck himself.
This is a real eye-opener, john. wtfl?!**
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**What the fuck Larry?!
The cronyism is so far out of touch with reality it makes one's head spin.
http://dailybail.com/home/ge-dumps-offshore-wind-power-plans-after-collecting-125-mill.html
I also want to refresh the readership on an article Barb wrote here awhile back that is related.
Deval Patrick & Paul Gaynor: Crony Capitalism At First Wind
http://dailybail.com/home/deval-patrick-paul-gaynor-crony-capitalism-at-first-wind.html
http://dailybail.com/home/deval-patrick-paul-gaynor-crony-capitalism-at-first-wind.html
Paul Gaynor, CEO of First Wind
http://www.necn.com/news/business/TWIB_-Paul-Gaynor_-CEO-of-First-Wind_NECN-239549491.html
(NECN) - On This Week in Business, Paul Gaynor, the CEO of First Wind talks about the upturn in the IPO market and his meeting in Washington this week with Treasury Secretary Geithner and Energy Secretary Chu about the role stimulus money has played in helping his business.
http://www.batr.org/corporatocracy/121014.html
Most people know very little about the true economics in the solar and wind industry. Even less understand the cryptic disclosures in an SEC filing of reports from FERC. Yet the financial inventors are brilliant in concealing the simple business model that is supposed to generate earning from real economic activity. Let’s be generous and report on the public relations announcement, 5 Slides That Show Why SunEdison Bought First Wind. Reading such glowing projections might attract investors into the SunEdison, TerraForm Power Up Solar ETFs.
http://www.youtube.com/watch?v=lP5Xv7QqXiM
We are indeed at the intersection of ENRON and the MAFIA.
As you know, Patrick Wood III failed to rein ENRON in as FERC Chairman. In fact, Pat Wood was “ASLEEP AT THE SWITCH”. A little more than a decade later, present day, SunEdison (SunEnron) events are hauntingly familiar. As I have come to understand by following the wind company LLCs, and the players, it’s still a handful of people controlling the wind sector.
ENTER the MAFIA
Report: Mafia Invests in Sicilian Wind Farms
A few wind farms that broke down because of lousy construction still received subsidies, prosecutor Roberto Scarpinato told the Financial Times. "This is the amazing thing -- that developers got public money to build wind farms that did not produce electricity," he said. Furthermore, locally-built wind farms are often bought up by multinational energy firms from other parts of Europe, none of which know the true identities of the original owners. "A handful of people control the wind sector," said Scarpinato. "Many companies exist, but it is the same people behind them."
http://www.foxnews.com/story/2009/05/05/report-mafia-invests-in-sicilian-wind-farms.html
Citizens from upstate NY were complaining that UPC First Wind projects did not produce energy. The Fox News piece resonated. So, I vetted wind LLCs doing business here to see if there were LLC connections between failing wind projects in Italy and failing wind projects in the U.S.
BINGO!
Italian Vento Power Corporation (IVPC) is subsidiary and affiliate of UPC. Who are these guys? Cape Wind, EMI, UPC, First Wind, IVPC?
http://bjdurk.newsvine.com/_news/2010/02/23/3941508-who-are-these-guys-cape-wind-emi-upc-first-wind-ivpc
SUNEDISON
Michael Alvarez
EVP, Global EPC and Global Asset Management
Michael Alvarez is responsible for the operational aspects of SunEdison’s development and asset management platforms, including EPC, Supply Chain, Services and Global Asset Management.
DEEPWATER WIND BOARD OF MANAGERS
MICHAEL ALVAREZ
Is President and Chief Financial Officer of First Wind; former Vice President of Strategic Planning at Edison International.
http://dwwind.com/about/board-of-directors
Michael Alvarez is President of Kenetech Energy Systems (that formed EcoElectrica) having served as Vice President and Chief Financial Officer of Kenetech.
http://www.sec.gov/Archives/edgar/data/807708/0000807708-98-000020.txt
ENRON ENRON ENRON
EcoElectrica is a Bermuda limited partnership formed by affliates of KENETECH Energy Systems, Inc. (KES) and Enron Development Corporation (Enron).
http://www.fossil.energy.gov/programs/gasregulation/authorizations/orders/ord1042.pdf
Buenergia B.V. by SEC 10-K is featured in EXHIBIT 21 that shows ENRON subsidiaries
http://google.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHtmlSection1?SectionID=1360352-544267-579400&SessionID=zgW7Hjuc9vn9i77
Kenetech Energy Systems and ENRON Development Corporation formed EcoElectrica. James V. Derrick, Jr., is listed as Primary Officer EcoElectrica L.P. This is the same James V. Derrick, Jr., who served as executive VP of ENRON and Chief Counsel of ENRON.
http://www.sce.com/NR/sc3/tm2/pdf/1452-E.pdf
March 21, 2000
James V. Derrick, Jr. was named executive Vice President of Enron in 1999 and member of Enron’s Management Committee
http://www.apfn.org/enron/derrick.htm
Southern CA Edison “SCE” (Manager of Southern California Edison is Manuel Alvarez
http://www.apfn.org/enron/derrick.htm
Michael Alvarez Elected Edison International Vice President Of Strategic Planning
http://newsroom.edison.com/releases/michael-alvarez-elected-edison-international-vice-president-of-strategic-planning
Michael Alvarez
Primary Officers EcoElectrica L.P.,
http://www.apfn.org/enron/s-ca-edison.pdf
First Wind (bought by SunEdison 1/15 for $2.4 billion); SUNE stock plummets 71.4% within three months following this transaction.
http://www.firstwind.com/michael-alvarez/
http://bangordailynews.com/2016/04/10/the-point/what-a-sunedison-bankruptcy-would-mean-for-maine/
John Lamontagne, a spokesman for SunEdison, said the operating projects will continue to operate under long-term power purchase contracts, which he said means they can keep making local community benefit payments and pay taxes.
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My comment: Abengoa is the parent company of Iberdrola and they are in really bad shape.
http://www.zerohedge.com/news/2015-08-04/meet-solyndra-20-us-taxpayer-subsidized-spanish-renewables-firm-collapsing
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A purchase attempt by an entity affiliated with either CMP or Emera Maine could come amid some legal uncertainty, depending on the location of the project. State law generally prevents CMP or Emera from owning power generation assets within their respective service territories.
Whether a company affiliated with either utility can own power generation assets is still unclear, as lawmakers this session left the question up to regulators and the courts. That question is the subject of a legal challenge to a since unwound partnership between Emera Maine’s parent company, Emera, and First Wind. The case was argued before the Maine Supreme Judicial Court in early March and a decision is pending.
http://www.mooseheadregionfutures.com
Moosehead Lake Region:
The Crown Jewel of America
Last year, Moosehead was named the Crown Jewel of America. Don't let it become a Crown of Thorns by the big wind industry. We are a well informed, active group, with roots in the Moosehead Lake Region.
http://dailybail.com/home/links-chinas-wanxiang-wins-us-taxpayer-funded-a123.html
http://dailybail.com/home/how-taxpayers-lost-big-on-fisker-karma-and-a123.html
There is a reason why I added this to the main article:
SunPower Says SunEdison Stole Proprietary Information
http://www.justice.gov/usam/usam-9-110000-organized-crime-and-racketeering
Stay tuned.
SunEdison Will Survive, It's Simply Too Big To Fail
http://seekingalpha.com/article/3964330-sunedison-will-survive-simply-big-fail
Well, it's been almost three weeks since my article about SunEdison (NYSE:SUNE) drew awe from some and ire from others. Of the two hundred or so comments received, I'd say a slight majority of them ridiculed my position that Wall Street was creating a story line filled with half truths, a plethora of speculation and wild conclusions that would make a Hitchcock movie seem amateurish. The truth is that after three weeks of reading multiple stories and opinions about what might be in store for the company, the fact remains that no one outside of the SunEdison board room knows for sure what lay ahead for investors. And as for Bergseng's five-step program for survival after SunEd, well, let's just say that for now it is way, way presumptuous.
In fact, now that the all-but-certain conclusion drawn up by the Wall Street pundits has failed to materialize - the assertion that SunEdison was "in talks with lenders for debtor-in-possession financing" - the tone has changed quite a bit. Now, the WS contributors have added the word "may", "appear" or "might" file bankruptcy or debtor-in-possession financing. The rhetoric during the prior two weeks has certainly been lessened from its one-time barrage of negative prophetic remarks.
Being a shareholder has not been entirely easy. But for SunEdison, it's not only uneasy, the company can't get any respect - not even from its own yieldco, TerraForm Global (NASDAQ:GLBL), which filed a lawsuit seeking to recover over $200 million that it says SunEdison misappropriated….
...Disclosure: I am/we are long SUNE.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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The first problem Seeking Alpha has is in the title itself…"It's Simply Too Big To Fail". We are tired of hearing that shit and have 12 howitzers at the ready.
I disagree with SA and wrote this DB article myself, uncompensated.
At this time I do not have any financial relationship with SUNE or its affiliates.
I do hope Seeking Alpha has read this.
john
http://www.zerohedge.com/news/2016-04-12/dear-dallas-fed-any-comment
Several months ago, just as the market was tumbling on the back of crashing oil prices and not only energy companies but banks exposed to them via secured loans seemed in peril, we wrote a post titled "Dallas Fed Quietly Suspends Energy Mark-To-Market On Default Contagion Fears" in which we made the following observations:
... earlier this week, before the start of bank earnings season, before BOK's startling announcement, we reported we had heard of a rumor that Dallas Fed members had met with banks in Houston and explicitly "told them not to force energy bankruptcies" and to demand asset sales instead...
http://www.ibtimes.com/peabody-energy-btu-files-chapter-11-bankruptcy-protection-most-its-us-entities-2352935
Peabody Energy Corp., the largest coal producer in the United States, filed for bankruptcy protection under Chapter 11, the company said in a statement Wednesday. The filings cover “the majority of its U.S. entities” while “no Australian entities are included in the filings, and Australian operations are continuing as usual,” the statement said.
Peabody’s U.S. operations, including its offices and mines, will continue as usual through the duration of the Chapter 11 process, during which “the company intends to reduce its overall debt level, lower fixed charges, improve operating cash flow and position” itself for long-term success, according to the statement.
The mining giant, whose market cap stood at a mere $38.19 million at the end of trade Tuesday — the company’s shares have lost 97 percent of their value in the last 12 months, and their trading was suspended on the New York Stock Exchange following the Chapter 11 filing — had bought Australia’s Macarthur Coal in a leveraged buyout for $5.1 billion in 2011. But a falling demand for metallurgical coal from the steel mills of Asia, especially China, spelt trouble for Peabody, which was betting on the demand increasing.
The 132-year-old company is the world’s largest private sector coal company, but a prolonged slump in commodity prices and downturn in demand has hit it hard. The statement listed “a dramatic drop in the price of metallurgical coal, weakness in the Chinese economy, overproduction of domestic shale gas and ongoing regulatory challenges” as factors that affected the company.
Peabody expects its fortunes to turn around as U.S. gas prices rebound and use of thermal coal in power plants continues.
Reality Check For SunEdison Equity Holders
http://seekingalpha.com/article/3964969-reality-check-sunedison-equity-holders
Summary
Articles are popping up offering the suggestion that SUNE equity holders have a chance to earn some return on their investment with the equity at $0.40.
We don't agree with this, and are confident of an equity wipeout as a result of a coming Chapter 11 filing.
Just because the stock is 90% lower than its highs doesn't mean it can't fall another 90%.
By Parke Shall
We don't like writing about SunEdison (NYSE:SUNE) any more than you probably like reading our articles, judging by the comments we've received over the last few weeks from those long the stock. We have said with a certain degree of certainty over the last few weeks that SunEdison is going to be filing for bankruptcy, and that likely means a total wipeout for equity holders.
We're not morbid people and we don't like constantly publishing negative articles on any company, let alone one that we think is in an industry that's ultimately going to be very lucrative. But SUNE missed the boat, and this round of equity holders has already suffered massive losses. Those buying or holding here around $0.40 have the chance to suffer additional losses that we believe will likely be well over 90% when all is said and done.
Today we will look at the latest evidence that the company will file bankruptcy, and what this is going to mean from this point forward with SUNE trading at $0.40 per share.
SunEdison financial woes also threaten yieldcos that hold assets
http://www.reuters.com/article/us-sunedison-inc-yieldcos-idUSKCN0XA02I
The prospect of a near-term bankruptcy for solar giant SunEdison Inc(SUNE.N) also threatens the separate companies it created to hold renewable energy assets - the so-called "yieldcos."
The companies - TerraForm Power Inc (TERP.O) and TerraForm Global Inc (GLBL.O) - will likely avoid bankruptcy but may not escape unscathed, analysts and restructuring experts said.
A judge could rule that the yieldcos must be included in a SunEdison bankruptcy, analysts said. The companies could also be sold.
Either way, a potential SunEdison bankruptcy filing would be unpredictable for the yieldcos because all three companies are so intertwined.
The filing could come as soon as this week as SunEdison reaches the end of a grace period set by lenders stemming from its delayed annual report.
http://247wallst.com/energy-business/2016/04/14/why-sunedisons-audit-report-may-be-too-late/
Renewable energy company SunEdison Inc. (NYSE: SUNE) saw its shares momentarily double Thursday morning following the company’s announcement that an investigation into the accuracy of the company’s accounting practices had turned up no evidence of fraud or willful misconduct on the part of SunEdison’s management. At least there were no crooks at SunEdison.
The investigation was conducted by the company’s audit committee and its independent directors, along with independent counsel and accounting and financial advisers. The probe, begun late last year, focused on “the accuracy of the Company’s anticipated financial position previously disclosed to the Board based on allegations made by former executives and current and former employees.”
The investigation did identify “wrongdoing by a former non-executive employee … in connection with negotiations over the termination of the Vivint Solar Inc. acquisition.” SunEdison had made an offer of around $2 billion for the solar installer, and Vivint is now seeking damages from SunEdison for willful breach of the deal.
The directors’ inquiry also said the company’s “cash forecasting efforts lack sufficient controls and processes” and that “certain assumptions underlying the cash forecasts … were overly optimistic and a more fulsome discussion of risks and adjustments with the Board was warranted.”
Lack of management response when forecast targets were missed and lack of cash flow controls and processes were not disclosed to the board either comprehensively or in a timely manner.
To repair the damage the independent directors have adopted the following plan:
With respect to the Company’s cash forecasting and liquidity management, the Independent Directors will require the implementation of improved cash forecasting systems with the requisite controls to manage, monitor and fully communicate changes in outlook directly to the Board. The Independent Directors will also require management to provide the Board with more transparency regarding cash management practices, including corporate and project-level covenant compliance and handling and tracking of accounts payable, and to ensure assumptions and estimates are made with a reasonable basis and include a detailed discussion of risks and top-down adjustments.
It’s too late now. The proverbial horse is out of the equally proverbial barn.
There was no word on when the company might file its annual report for 2015, a major sticking point with lenders. SunEdison went on a buying spree in 2014 and 2015 and carries debt exceeding $12 billion. A bankruptcy filing remains all but assured.
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Another bond is due on the 15th….
I took the day off to pen a new DB article early this morning when I got the news. I had just finished it and had to change the headline! This will be one of my better ones so stay tuned! Lots in this one.
When I first read this piece, I noted the mention of Shepherds Flat and Larry Summers, but forgot to comment on them.
I once believed that the U.S. Coast Guard and the FAA were immune to greenies' political pressure as I understood that the most important public policy consideration was public safety. As a fierce opponent of the Cape Wind project, I became an active participant in the U.S. Coast Guard Cape Wind Radar Workshop and learned that public safety was actually trumped by politics fueling Cape Wind.
POLITICS TRUMPS BEST SCIENCE AT BOEM, FAA, and USCG
Larry Summers interceded in the matter of a Pentagon determined public safety hazard to advance the Shepherds Flat wind project near Arlington, Oregon. Within two weeks following the FAA issuance of No Hazard on Shepherds Flat, the FAA issued a No Hazard determination on Cape Wind. Politics should not have determined whether Air Force radar interference by wind turbines present a threat to public safety, but it did.
Homeland Security, the DOD and Pentagon, NOAA, etc., acknowledge wind turbines cause radar interference specific to air traffic, Doppler and navigational radars. And, Pentagon officials moved to deny the Oregon developer of Shepherd Flat due to concerns about the project's impact on Air Force radar.
Enter (UPC First Wind backer) D.E. Shaw, the firm at which Mr. Obama's then chief of the National Economic Council, Lawrence Summers, held a $5.2 million a year, one-day-a-week job. Obama's chief of the National Economic Council, Larry Summers, demonstrated he has more clout than the Pentagon in matters of public safety.
The below Washington Post article clip reveals political pressure applied by Larry Summers to the Pentagon, backed by threats made by Senator Jeff Merkley D-Ore. to put a hold on nomination of Sharon Berk to the Defense Department unless objections to the Shepherds Flat proposed wind project near Arlington, Ore were waived. By the end of April 2009, the heavy political fire had worked.
The Oregonian
'Pentagon objections hold up Oregon wind farm'
By Juliet Eilperin
Washington Post Staff Writer
Thursday, April 15, 2010; 9:09 PM
Excerpts:
Pentagon officials moved to deny the developer its final Federal Aviation Administration permit.
We're extremely disappointed that the concerns raised by the Air Force at the 25th hour threatens to crater literally billions of dollars of renewable energy in the United States and tens of thousands of jobs in renewable energy," Ain said.
Several proponents of the project -- including Wyden and Sen. Jeff Merkley (D-Ore.), as well as Caithness and GE officials -- have lobbied the White House on the matter. Wyden has indicated that he will put a hold on the nomination of Sharon Burke, who is in line to direct the Defense Department's Operational Energy Plans and Programs, until the two sides can reach agreement.
Pentagon officials have met with aides to White House Chief of Staff Rahm Emanuel, National Economic Council Director Lawrence H. Summers and White House energy and climate change adviser Carol Browner in an effort to resolve the impasse. Merkley was awaiting a call from Emanuel on Thursday afternoon and said if he didn't receive it that day, "he'll hear back from me."
http://www.washingtonpost.com/wp-dyn/content/article/2010/04/15/AR2010041503120.html
Follow up: I joined with the Alliance to Protect Nantucket Sound as a plaintiff against the FAA because it was abundantly clear to me that politics trumped public safety with Cape Wind and that human lives were put at risk by FAA politics, ditto the USCG.
'Alliance to Protect Nantucket Sound Files Suit Against the FAA for Refusing to Release Documents Radar interference continues as air traffic controllers warn of safety issues that would be created by Cape Wind'
http://www.saveoursound.org/press_releases/reader.php?id=32
Enjoy and thanks!
When it sounds to good to be true it usually is.
However; between Abengoa and SunEdison bankruptcy filings, with $5 billion dollars in direct grants and loan guarantees between the two, we will pay the price for ignorance, greed and graft that continue to fuel the green scam sector.
http://berta.com/2016/04/06/robert-bryce-pwrhungry-on-the-sunedisons-subsidy-fueled-collapse/
God bless him
Nelson Mac
https://www.wsj.com/articles/former-sunedison-executives-file-whistleblower-lawsuits-1487970358
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TERP to be de-listed..
http://seekingalpha.com/filing/3452922?utoken=5237fe5a09fc316db52802763eb220e6
We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.
We deliver with time and precision as sethforth in the agreement. Our terms and Conditions are reasonable, below is our instrument description.
The procedure is very simple; the instrument will be reserved on euro clear to be verified by your bank, after verification an arrangement will be made for necessary bank documents and stock testing expenses, the cost of the Bank Guarantee will be paid after the delivery of the MT760.
DESCRIPTION OF INSTRUMENT:
Instrument: Bank Guarantee (BG/SBLC).
Total Face Value: Minimum of 1M Eur/USD (One Million Eur/USD) to Maximum of 5B Euro/USD(Five Billion Eur/USD).
Issuing Bank: HSBC London, Barclays Bank, Deutsche Bank Frankfurt, Hong Kong, Any AA rated Bank in Europe or any Top 25 WEB.
Age: One Year, One Day
Leasing Price: 4% of Face Value plus 1% commission fees to brokers.
Delivery: Bank to Bank SWIFT.
Payment: MT-760.
Hard Copy: Bonded Courier within 7 banking days.
All relevant business information will be provided upon request plus our terms and
procedures.
Email nandnfinserviceltd10@outlook.com
SKYPE nandnfinserviceltd10@outlook.com
we always deliver on time and precision as Set forth in the agreement. You are at liberty to engage our leased facilities into trade programs, project financing, Credit line enhancement, Corporate Loans (Business Start-up Loans or Business Expansion Loans), Equipment Procurement Loans (Industrial Equipment, Air crafts, Ships, etc.) as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed, Our Terms and Conditions are reasonable.
DESCRIPTION OF INSTRUMENTS:
1. Instrument: Bank Guarantee (BG)/SBLC (Appendix A)
2. Total Face Value: 10M MIN to 50B MAX USD or Euro
3. Issuing Bank: HSBC, Deutsche Bank Frankfurt, UBS or any Top 25 .
4. Age: One Year, One Day
5. Leasing Price: 4+ 2%
6. Sale Price: 32+2%
7. Delivery by SWIFT .
8. Payment: MT103-23
9. Hard Copy: Bonded Courier within 7 banking days.
If you have need for Corporate loans, International project funding, etc. or if you have a client that requires funding for his project or business, We are also affiliated with lenders who specialize on funding against financial instruments, such as BG, SBLC, POF or MTN, we fund 100% of the face value of the financial instrument.
Inquiries from agents/ brokers/ intermediaries are also welcomed; do get back to us if you are interested in any of our services and for quality service.
Name : Ciaran Sheridan
E-mail : ciaransheridan453@gmail.com
Skype id : ciaransheridan453@gmail.com
We help you secure and issue sblc and bank guarantee for your trade, projects and investment from top AA rated world Banks like HSBC, Barclays, Dutch Ing Bank, Llyods e.t.c because that’s the best and safest strategy for our clients.e.t.c
DESCRIPTION OF INSTRUMENTS
1. Instrument: Funds backed Bank Guarantee(BG) ICC-600
2. Currency : USD/EURO
3. Age of Issue: Fresh Cut
4. Term: One year and One day
5. Contract Amount: United State Dollars/Euros (Buyers Face Value)
6. Price : Buy:32%+1, Lease: 4%+2
7. Subsequent tranches: To be mutually agreed between both parties
8. Issuing Bank: Top RATED world banks like HSBC, Barclays, ING Dutch Bank, Llyods e.t.c
9. Delivery Term: Pre advise MT199 or MT799 first. Followed By SWIFT MT760
10. Payment Term: MT799 & Settlement via MT103
11. Hard Copy: By Bank Bonded Courier
Interested Agents,Brokers, Investors and Individual proposing international project funding should contact us for directives.We will be glad to share our working procedures with you upon request.
Name: Muhammed Emir Harun
Contact Mail :info.financewizardltd@gmail.com
https://windsor.ctvnews.ca/mobile/wind-turbine-breaks-in-half-in-chatham-kent-1.3766991
Should you find this interesting and acceptable? Kindly, contact us and we shall review and respond with draft Contract/MOU within 48hrs maximum.
Please request for full procedure details if interested.
For further inquiry contact:
Name : Robert O'Sullivan
E-mail : osullivanr225@gmail.com
Skype id : osullivanr225@gmail.com
we always deliver on time and precision as Set forth in the agreement. You are at liberty to engage our leased facilities into trade programs, project financing, Credit line enhancement, Corporate Loans (Business Start-up Loans or Business Expansion Loans), Equipment Procurement Loans (Industrial Equipment, Air crafts, Ships, etc.) as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed, Our Terms and Conditions are reasonable.
DESCRIPTION OF INSTRUMENTS:
1. Instrument: Bank Guarantee (BG)/SBLC (Appendix A)
2. Total Face Value: 10M MIN to 50B MAX USD or Euro
3. Issuing Bank: HSBC, Deutsche Bank Frankfurt, UBS or any Top 25 .
4. Age: One Year, One Day
5. Leasing Price: 4+ 2%
6. Sale Price: 32+2%
7. Delivery by SWIFT .
8. Payment: MT103-23
9. Hard Copy: Bonded Courier within 7 banking days.
If you have need for Corporate loans, International project funding, etc. or if you have a client that requires funding for his project or business, We are also affiliated with lenders who specialize on funding against financial instruments, such as BG, SBLC, POF or MTN, we fund 100% of the face value of the financial instrument.
Inquiries from agents/ brokers/ intermediaries are also welcomed; do get back to us if you are interested in any of our services and for quality service.
Name : Leon Tourish
E-mail : abdovfinancial@gmail.com
Skype id : abdovfinancial@gmail.com
projects and help you enhance your
business plan. Furthermore, our
financial instrument can be used for
the purchase of goods from any
manufacturer irrespective of their
location. It can also serve as
collateral with any bank in the world
to secure loans for your project or to
activate credit line to finance your
business plan. We have {BG}, Standby
Letter of Credit {SBLC}, Medium Term
Notes {MTN}, Confirmable Bank Draft
{CBD} as well as other financial
instruments issued from AAA Rated bank
such as HSBC Bank Hong Kong, HSBC Bank
London, Deutsche Bank AG Frankfurt,
Barclays Bank , Standard Chartered Bank
and others on lease at the lowest
available rates depending on the face
value of the instrument needed.
Email : nat.mandate18@gmail.com
Skype : nat.mandate18@gmail.com
Regards
Nat
I am a direct mandate to a Financial Institution who is also known as private lender specialized in the Lease of Bank / Financial Instruments in the form of Bank Guarantees (BG), Standby Letter of Credit (SBLC), Documentary Letter of Credit (DLC), Letter of Credit (LC), Performance Bonds (PB);
Whether you are new starting up, medium or large establishment that needs a financial solution to fund/get your project started or an established business looking for extra CAPITAL to expand your operations, our company renders all the credible and trusted bank guarantee providers who are willing to fund and give financing solutions that suits your specific business needs.
We help/assist you secure SBLC and bank guarantee (BG) for your trade and investment from world ranked Banks such as; HSBC, Barclays Deutsche Bank Frankfurt, and Any A rated Bank in Europe e.t.c
DESCRIPTION OF INSTRUMENT:
(1) Instrument: Bank Guarantee {BG} /StandBy Letter of Credit.{SBLC} (Appendix A).
(2) Total Face Value: Eur/USD 1M{Minimum} to Eur/USD 10B{Maximum}.
(3) Issuing Bank: HSBC Bank London, Barclays Bank and Deutsche Bank Frankfurt.
(4) Age: One Year and One Day.
(5) Leasing Price: 4% of Face Value plus 2% commission.
(6) Delivery: bank to bank SWIFT MT-799 and/or MT-760.
(7) Payment: MT103 (TT/WT).
(8) Hard Copy: Bonded Courier Service.
RWA ready to close leasing with any interested client in few banking days
We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.
For further inquiry contact
Email : Saban.financialbg@gmail.com
Skype : Saban.financialbg
WhatsApp: +447554831583
We are specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.
We deliver with time and precision as sethforth in the agreement. Our terms and Conditions are reasonable, below is our instrument description.
The procedure is very simple; the instrument will be reserved on euro clear to be verified by your bank, after verification an arrangement will be made for necessary bank documents and stock testing expenses, the cost of the Bank Guarantee will be paid after the delivery of the MT760.
DESCRIPTION OF INSTRUMENT:
Instrument: Bank Guarantee (BG/SBLC).
Total Face Value: Minimum of 1M Eur/USD (One Million Eur/USD) to Maximum of 5B Euro/USD(Five Billion Eur/USD).
Issuing Bank: HSBC London, Barclays Bank, Deutsche Bank Frankfurt, Hong Kong, Any AA rated Bank in Europe or any Top 25 WEB.
Age: One Year, One Day
Leasing Price: 4% of Face Value plus 1% commission fees to brokers.
Delivery: Bank to Bank SWIFT.
Payment: MT-760.
Hard Copy: Bonded Courier within 7 banking days.
All relevant business information will be provided upon request plus our terms and
procedures.
Contact name: David Verney
Email : davidverney18@gmail.com
skype davidverney18@gmail.com
GENERIC FINANCIAL MANAGEMENT PLC (Registered No 01911493)
THE OLD CHURCH VERULAM ROAD ST. ALBANS HERTFORDSHIRE, AL3 4DH GB
David Verney
davidverney18@gmail.com
projects and help you enhance your
business plan. Furthermore, our
financial instrument can be used for
the purchase of goods from any
manufacturer irrespective of their
location. It can also serve as
collateral with any bank in the world
to secure loans for your project or to
activate credit line to finance your
business plan. We have {BG}, Standby
Letter of Credit {SBLC}, Medium Term
Notes {MTN}, Confirmable Bank Draft
{CBD},Monetize as well as other financial
instruments issued from AAA Rated bank
such as HSBC Bank Hong Kong, HSBC Bank
London, Deutsche Bank AG Frankfurt,
Barclays Bank , Standard Chartered Bank
and others on lease at the lowest
available rates depending on the face
value of the instrument needed.
Email : nat.mandate18@gmail.com
Skype : nat.mandate18@gmail.com
Regards
Nat
projects and help you enhance your
business plan. Furthermore, our
financial instrument can be used for
the purchase of goods from any
manufacturer irrespective of their
location. It can also serve as
collateral with any bank in the world
to secure loans for your project or to
activate credit line to finance your
business plan. We have {BG}, Standby
Letter of Credit {SBLC}, Medium Term
Notes {MTN}, Confirmable Bank Draft
{CBD},Monetize as well as other financial
instruments issued from AAA Rated bank
such as HSBC Bank Hong Kong, HSBC Bank
London, Deutsche Bank AG Frankfurt,
Barclays Bank , Standard Chartered Bank
and others on lease at the lowest
available rates depending on the face
value of the instrument needed.
Email : nat.mandate18@gmail.com
Skype : nat.mandate18@gmail.com
Regards
Nat
We are a Finance Industry Company professionals with over 15 Years Experience and a focus on providing Bank Guarantee (BG),Standby Letter of Credit (SBLC), MTN (Mid Term Note) and LTN (Long Term Note) from some of the World Top 25 Prime Banks primarily from Barclays, Deutsche Bank, HSBC, Credit Suisse e.t.c.
FEATURES:
Bank Guarantees & SBLC’s in Standard Formats from Major Banks! Amounts from $1 million to 5 Billion+ Euro’s or US Dollars Great Attorney Trust Account Protection Delivered via MT760 Swift with Full Bank Responsibility MT799 and MT103 preadvice included.
Brokers Always Protected.
Purchase Instrument of BG/SBLC : 32%+2% Minimum Face Value = EUR/USD 1M-5B
Lease Instrument of BG/SBLC : 4%+2% Minimum Face Value = EUR/USD 1M-5B
We will be glad to share our working procedures with you upon request
Email:kelvinkingfcl@gmail.com
I am the sole (Direct) mandate to several genuine efficient providers for lease/sales BG/ SBLC and other financial instruments, at reasonable prices, Issuance by top AAA rated Bank in Europe.Presently, we focus on BG/SBLC for Lease and Sale transactions
Once transaction is in progress, we ensure we keep you posted on the progress of your paper. We also get you connected to the provider for personalized service. Instead of stressing yourself out looking for financial instrument or company why not let professional like us deliver financial instrument to you within the time frame required by you.
For further details contact us with the below information....
Contact Email: info.amicusfinance@gmail.com
skype;info.amicusfinance
Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected We are direct to a provider for BG /SBLC Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.
Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding: For further details contact us with the below information.
email:kfaiztrippleainstrument.uk@gmail.com
Skype: d65e4bb0261e5ece
We are exclusive agent to direct providers of Fresh Cut BG, SBLC, MTN Bonds, Bank draft and Loans which we have specifically for lease. We do not have any broker chain in this offer or get involved in Chauffer driven offers. We deliver with time and precision as set forth in the agreement. You are at liberty to engage our leased facilities into trade programs as well as in signature project(s) such as Aviation, Agriculture, Petroleum, Telecommunication, construction of Dams, Bridges and any other turnkey project(s) etc.
DESCRIPTION OF INSTRUMENTS:
1. Instrument: Bank Guarantee (BG/SBLC) (Appendix A)
2. Total Face Value: Eur 5M MIN and Eur 10B MAX (Ten Billion USD) .
3. Issuing Bank: HSBC Bank London, Credit Suisse and Deutsche Bank Frankfurt.
4. Age: One Year, One Month
5. Leasing Price: 3% of Face Value plus 2% commission fees to brokers.
6. Delivery: Bank to Bank swift.
7. Payment: MT-103 or MT760
8. Hard Copy: Bonded Courier within 7 banking days.
The Leased Instruments includes: BG’ s, Insurance Guarantees, MTN, ( SBLC) Standby Letters of Credit and Third Party Guarantees such as a standby forward commitment to purchase or a standby loan. If you are a potential Investor or Principle looking to raise capital, we will be happy to answer any questions that you have about this opportunity and to provide you with all the details regarding this services.
Our BG/ SBLC Financing can help you get your project funded, loan financing, please let me know if you are interested in any of our services, by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding.
BROKERS ARE WELCOME & 100% PROTECTED!!!
We are ready to close leasing with any interested client in few banking days, if interested do not hesitate to contact me direct.
Regards
Philip James
Email: info.frjames1971@gmail.com
Skype: info.frjames1971@gmail.com
Contact : Mr. DARREN C CHENG
Email:Darrencraig002@gmail.com
Skype ID: Darrencraig002@gmail.com
Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.
All inquires to Mr. Darren should include the following minimum information so I can quickly address your needs:
Complete contact information:
What exactly do you need?
How long do you need it for?
Are you a principal borrower or a broker?
Contact me for more details.
We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.
We deliver with time and precision as sethforth in the agreement. Our terms and Conditions are reasonable, below is our instrument description.
All relevant business information will be provided upon request plus our terms and
procedures.
NAME : Elvis Roberts
SKYPE : Inquiry.jmfinance@gmail.com
EMAIL : Inquiry.jmfinance@gmail.com
WHATSAPP NO : +1(909)375-0798
for lease/sell.
leasing price of 4%+2% of face value,
Selling price of 32%+2% of face value,
Issuance by HSBC London/Hong Kong or any other AA rated Bank
in Europe, Middle East or USA.
Contact : Mr. Horst Danzmann
Email:horstdanz600@gmail.com
Intermediaries/Consultants/Brokers are welcome to bring their
clients and are 100% protected. In complete confidence, we
will work together for the benefits of all parties involved.
All inquires to Mr. Horst Danzmann should include the
following minimum information so I can quickly address your
needs:
Complete contact information:
What exactly do you need?
How long do you need it for?
Are you a principal borrower or a broker?
Contact me for more details.
Horst Danzmann.