BOISE – The Exergy Development group gained greater recognition after hosting the Exergy Tour this summer. The Boise-based company works in different kinds of renewable energy. But now, Exergy is taking a lot of heat for putting projects in Idaho on hold.
More than $300 million of Exergy’s 2012 projects are on hold.
“A lot of it is tied to the investment climate, that we’re just not getting as much investment money as we used to,” said Exergy spokesperson, Martin Johncox.
Johncox says much of it stems from a case with the Idaho Public Utilities Commission.
“Earlier this year, there was a case filed in front of the Idaho Public Utilities Commission. It’s very complex and it deals with federal laws regarding how energy producers are to be reimbursed for these kinds of projects. As long as that case remains unresolved, investors are kind of wary about investing in these kinds of projects,” said Johncox.
He said fewer investors means less money, putting a stress on some projects, and they haven’t canceled their latest wind farm project in Idaho, which is being put on hold.
The city of Boise says Exergy owes them $26,000 for police security at the Exergy tour.
Exergy is being sued by a Virginia-based energy company they planned to buy wind turbines from.
“We don’t have the money right now to purchase those turbines. Obviously we want to purchase those turbines,” said Johncox.
Still, Johncox said they’ve paid more than $1 million toward the Exergy tour and $2 million in cycling sponsorships in the past year. He also says they’re up to date on payments to the US Pro Cycling Challenge.
He admitted, though, there are still payments on which they are behind.
“We are less than 90 days behind on some of our invoices to some of our subcontractors,” he said. “Rest assured we are working very hard to get these people paid as soon as possible.”
Johncox said he is “not at liberty” to speak about the investments in projects in other states. He said Exergy is a strong company moving forward with a number of other projects in other states.
KTVB asked about the future of the Exergy tour, and Johncox said they fully plan to continue with the Exergy Tour and Twilight Criterium.