LOCATION/TYPE

NEWS HOME

[ exact phrase in "" • results by date ]

[ Google-powered • results by relevance ]


Archive
RSS

Add NWW headlines to your site (click here)

WHAT TO DO
when your community is targeted

Get weekly updates
RSS

RSS feeds and more

Keep Wind Watch online and independent!

Donate via Stripe

Donate via Paypal

Selected Documents

All Documents

Research Links

Alerts

Press Releases

FAQs

Campaign Material

Photos & Graphics

Videos

Allied Groups

Wind Watch is a registered educational charity, founded in 2005.

News Watch Home

Deepwater Wind investor delays IPO 

Credit:  By Chris Barrett, PBN Staff Writer, Providence Business News, www.pbn.com 28 October 2010 ~~

NEW YORK – First Wind Holdings LLC, an investor in Deepwater Wind, has delayed an initial public stock offering scheduled for Thursday.

Providence-based Deepwater Wind wants to develop a $200 million wind farm off Block Island, as well as a larger wind energy project, estimated to cost in excess of $1 billion, further off the Rhode Island coast in federal waters.

In 2008, First Wind provided Deepwater with a $3.4 million investment and today it owns approximately 10.3 percent of the company’s outstanding voting interest, according to filings with the Securities and Exchange Commission. The two companies also share an investor – hedge fund D.E. Shaw – and many board members. First Wind describes itself as holding “significant influence but not control over Deepwater.”

The company has also pledged $120 million to Deepwater, although the company has the right to opt out of the payments.

First Wind did not immediately return messages about the delay in its stock offering.

It has been trying for two years to go public, delayed by a market cool to initial public offerings in light of the turmoil in equity markets over the last few years.

The company is also laden with red ink. Eight-year-old First Wind lost $61 million last year, continuing a string of losses over the years, according to SEC filings. The company also held $449.2 million in long-term debt as of Sept. 30.

And this week, First Wind revised down the expected price for shares. Initially the company predicted selling them for $24 to $26 per share, but filings on Wednesday revised the price down to $18 to $20.

Under the revised prices, First Wind said it expected to generate about $207.8 million after estimated underwriting discounts and commissions, and estimated offering expenses. First Wind said it planned to use the cash to pay down debt and for development projects.

The company operates land-based wind farms in Hawaii, Maine, New York and Utah. It says it is developing additional farms in those states as well as Vermont.

Source:  By Chris Barrett, PBN Staff Writer, Providence Business News, www.pbn.com 28 October 2010

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial educational effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

Wind Watch relies entirely
on User Contributions
   Donate via Stripe
(via Stripe)
Donate via Paypal
(via Paypal)

Share:

e-mail X FB LI M TG TS G Share


News Watch Home

Get the Facts
CONTACT DONATE PRIVACY ABOUT SEARCH
© National Wind Watch, Inc.
Use of copyrighted material adheres to Fair Use.
"Wind Watch" is a registered trademark.

 Follow:

Wind Watch on X Wind Watch on Facebook Wind Watch on Linked In

Wind Watch on Mastodon Wind Watch on Truth Social

Wind Watch on Gab Wind Watch on Bluesky