| Wind Watch is a registered educational charity, founded in 2005. |
Share price plunges for operator of Maine wind farms amid bankruptcy concerns
Credit: By Fred Bever | Maine Public Broadcasting | March 29, 2016 | mpbn.net ~~
Translate: FROM English | TO English
Translate: FROM English | TO English
The operator of several wind energy facilities in Maine could be headed for bankruptcy. But Sun Edison officials say the turbines will keep spinning, and providing taxes and other benefits to host communities.
Since hitting a high of $32 per share last June, Sun Edison’s stock has been on a downward spiral, and has now dipped well below $1 a share following reports that it faces a substantial risk of bankruptcy while securities regulators investigate its business practices.
But even if Sun Edison does file for bankruptcy or is restructured, company spokesman John LaMontagne says that does not pose a risk for host communities in Maine.
That’s because the plants themselves are actually owned by separate entities.
“All of those projects have existing contracts to deliver wind energy to utilities around New England,” he says. “So therefore they have certain revenues which ensure the projects will be able to meet their obligations in terms of community benefits, taxes and whatever else.”
Sun Edison operates six wind plants in Maine, including one under construction in Bingham. It has also proposed two new big projects as part of a major effort to ship new renewable energy to southern New England.
But LaMontagne said he could not comment on how those might be affected by Sun Edison’s financial issues.
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 |
 (via Stripe) |
 (via Paypal) |
Share:
[ Short URL: https://wind-watch.org/news/?p=76716 ]
