First Wind has a solvnecy problem. Their debts and negative cash flow greatly exceed their assets and cash on hand. Their IPO sputtered and then failed back in 2010. Seeking help they have agreed to be purchased by EMERA the company that owns the TRANSMISSION LINES of BANGOR HYDRO.
This was all well and good until the STAFF OF THE MAINE PUBLIC UTILITIES COMMISSION recommended the Commissioners reject the merger between First Wind and two other companies, on the grounds that it would,
violate the state’s landmark 2000 electricity deregulation law ordering that transmission and production be separated in the State of Maine. The staff recommended on Jan. 13 that the agency give the thumbs-down to the deal.
“We deny approval of the ‘proposed Transactions’ as we find that the risk of harm to ratepayers exceeds the benefits,” the draft decision reads, “even if conditions intended to mitigate the risk of harm to ratepayers were imposed.”
Since inception First Wind has been dependent on special deals and subsidies from the Federal Government. It is estimated that First Wind has received some $300 million in Federal Subsidies and $500 million in Federal loan guarantees. The same Federal loan guarantees that Solyndra received. Without these subsidies First Wind would have ceased to exist.