Meet your wind developers: UPC, First Wind, DeepWater Wind, Cape Wind Associates, LLC, EMI, IVPC.
First Wind, UPC, IVPC, chronological history reveals much about the handful of people who control the wind sector. The content summary is that wind energy is the perfect con man's game as demonstrated by the "Lord of the Wind" Vito Nicastri and Oreste Vigorito of IVPC. Wind fraud has evolved to the September 2010 largest seizure of Mafia assets in history, $1.9 billion, from 'Lord of the Wind' Vito Nicastri reported connected to Matteo Messina Denaro, Mafia "boss of bosses".
SENATOR EDWARD M. KENNEDY SENATE FLOOR STATEMENT ON THE CAPE WIND PROJECT
May 9, 2006
“…The issue before us today is whether EMI is entitled to evade this comprehensive process by staking its claim to one specific site and pushing for approval before Interior can assess which of our outer continental shelf lands are appropriate for development.
We send exactly the right message to other developers if we pass Section 414, because it tells them that Congress won't give sweetheart deals to particular developers. Second, we are being told that EMI has already passed a careful review process.
That too is flatly untrue. EMI originally applied to the Army Corps for a construction permit under the limited authority of the Rivers and Harbors Act of 1899. At the time of the application, the Army Corps had no authority to lease outer continental shelf lands for energy development and no siting policy in place for such proposals.
This working document responds to the late Senator Ted Kennedy’s concern that Cape Wind “EMI” has not been required to go through and pass “a careful review process”. This is a chronological business history for UPC/Cape Wind, EMI, First Wind, DeepWater Wind, Italian Vento Power Corporation, (IVPC) and affiliated Limited Liability Corporations.
THE BIRTH OF UPC, IVPC, FIRST WIND:
News from IVPC translated from Italian to English:
The Group is born in 1993 from un' idea of Oreste Vigorito that constitutes the I.V.P.C. S.r.l with to an industrial partner, American society UPC, with l' objective to operate in the field of the planning and realization of systems for the production and sale of energy from eolica source. In the 1995 Oreste Vigorito, also exiting from the social compages of the IVPC S.r.l., he remains some continuous General executive manager and to take care itself of the development and the management of the Aeolic Parks. From this moment the IVPC S.r.l is stopped to 50% from the industrial partner Japanese Eurus Energy (Former Tomen). Between 1995 and 1996, the UPC constitutes the first Societies of Service through which it begins to take care itself also of the development, management and maintenance of the Aeolic Parks. In 1996 to Montefalcone (Benevento) the first Aeolic park of I.V.P.C enters in exercise. S.r.l, that it is also the first one in Italia* with an installed ability begins them of 7.2 MW. Between years 1996 and 2000 they come constituted various societies of plan for the realization of new Aeolic Parks in Campania, Sardinia and Sicily. In these years the Group develops 241MW. In the 2005 Oreste Vigorito it acquires from the UPC or 50% of the IVPC S.r.l, thus coming to stop a participation directed in the society that stops the property of Aeolic parks in exercise, or the 100% of the Societies of Service. Always in 2005, the UPC sells the stopped others asset in Italy to the Irish group Trinergy, than in its turn, in 2007 it sells, them to the English group International Power. In the November of the 2008 l' lawyer Oreste Vigorito decides to in any case deliver to own dimissioni from the assignments covered in the societies of property International Power consolidating the relationship of technical management of their systems. * Until to that moment they had been istallati prototypes to fine only experiences them from Aeronautical Alenia S.P.A and the Group River Fire S.p.A.
March 15, 2000
Southern California Edison:
Resolution E-3539 specified that the following information be provided upon the creation of a new affiliate:
New Affiliate Name: Italian Vento Power Corporation 4 S.r.l.
Date this affiliate was created: March 15, 2000
Headquarters: via Circumcallazione
83100 Avellino, Italy Primary Officers (Directors): Marco Ferrando, Clive Warden (EME representatives)
James Houston, (partners representative)
Brain Caffyn, (partners representative)
Oreste Vigorito (partners representative)
Contact for CPUC: James A. Kelly, (626) 302-2284
Intended Function: To build, own and operate wind power plants in Italy for the purpose of selling electricity at a profit…”
Chutzpah and wile cut through red tape
Windpower Monthly Magazine, 01 December 1997, 12:00am
It took the drive of an American businessman and the wile of an Italian lawyer to get wind development moving in Italy, where a new company already has over 100 MW either in the ground or under construction. The fact that it is foreign technology making inroads on the Italian market is probably the reason why the country is so quiet about this development.
Brian Caffyn, Chairman
Mr. Caffyn has a strong personal interest in developing environmentally friendly renewable energy, which has resulted in a dedication to uncovering new technologies, business models and financing that rapidly expand the deployment of renewable energy. To that end, Mr. Caffyn is the Chairman of UPC Solar, Solar Integrated Technologies, Wind City Oil and Gas and was the founder and inaugural Chairman of UPC Wind (now firstwindSM). In addition, Mr. Caffyn is also Managing Partner of UPC Capital Partners and UPC Energy Partners. He spent the first part of his career in project financing for wind, cogeneration, hydro, solar, geothermal, waste-to-energy and biomass energy projects with GE Capital, Heller Financial, Inc., and several private companies. Mr. Caffyn personally oversaw the establishment and construction of the largest wind energy company in Italy — Italian Vento Power Corporation. Mr. Caffyn received a BA in Finance and Quantitative Methods from Babson College in 1981.
UPC’s earliest wind farm developments were built in 1995 in Italy. At the time UPC sold IVPC, its Italian wind business, in 2005, it had built approximately 650MW of capacity representing over 50% of the total installed Italian wind capacity. UPC developed, financed, constructed, owned and operated all aspects of this business, selling 50% of the equity of its first two project companies to Tomen and Edison Mission Energy respectively, and was instrumental in Vestas setting up a new turbine manufacturing facility in Taranto, Italy.
UPC entered the North American market in 2002 as UPC Wind which has now changed its name to First Wind. Since then the Company has built a backlog of approximately 3,600 MW of high return wind projects. In early 2006, UPC closed on a large equity financing with D.E. Shaw & Co and Madison Dearborn Partners and began aggressively building out its high-return backlog. Currently, the Company focus on developing wind farms in the northeastern and western regions of the U.S and in Hawaii, and are already producing 274 MW of energy through three operating wind farms.
UPC Renewables has established a global business network and currently has offices in seven countries, including the Netherlands, UK, Poland, USA, China, Hong Kong and the Philippines.
Offshore Harvest of Wind Is Proposed for Cape Cod
By KAREN LEE ZINER
Published: April 16, 2002
“Cape Wind Associates, a joint venture between Energy Management Inc. and Wind Management Inc. (a subsidiary of UPC, a European-based wind-energy company) of Boston”
"Brian and Timothy Caffyn to form Wind Management, Ltd. Brian Caffyn is a wind developer with considerable experience building medium-sized land-based wind farms in Italy. He was well aware of the potential wind development off the coast of Cape Cod. He expanded Braginton-Smith’s original plan and proposed to develop 2,400 megawatts of wind-generated electricity along Nantucket Sound. By the end of the year Wind Management had merged with EMI to form Cape Wind Associates."
IVPC 2000: certificated success
01 February 2004
"The 176 MW IVPC2000 wind project is a market test case for Italy's new green certificates regime. The Eu170 million club deal backing the development signed 12 December 2003 with six banks taking a piece as mandated lead arrangers: Royal Bank of Scotland with Eu35 million; BNL, Dexia Crediop, MCC and San Paolo IMI at Eu30 million each; and Banca Verde with Eu15 million.
The project funds development of five wind farm sites. The sponsor, Italian Vento Power Corporation, is already well known in the market for a number of wind deals closed under the old CIP6 regime: the 163 MW IVPC1 in 1998 in the Campania and Puglia regions, jointly developed with Tomen of Japan, and the 283 MW IVPC4 in 2000, in the Campania, Puglia, Basilicate and Sardinia regions, jointly developed with Edison Mission Energy..."
Boston Business Journal
UPC finds green energy initiatives face headwind
April 14, 2005
"As James Gordon creeps closer to fulfilling his vision of a windmill power farm off Cape Cod, his erstwhile partner, Brian Caffyn, still faces headwinds in his efforts to plant turbines on Hardscrabble Mountain in Vermont and other peaks and plains across the country.
"...Caffyn, a Babson College graduate, is unaccustomed to wind projects getting mired in the doldrums. He founded UPC Group in Europe several years ago, and in 2000 a subsidiary completed what then was one of the world's largest wind plants, a 170 megawatt plant near Naples, Italy, that cost $260 million. It then put together a $325 million syndicate for more windmills in Italy.
UPC did not make Caffyn available for an interview. Co-founder and general counsel Peter Gish said UPC saw the United States as a good opportunity, and ran into Gordon while scouting opportunities in Nantucket Sound. According to news reports at the time, Cape Wind was initially launched as a joint venture between Cape Wind predecessor Energy Management Inc., owned by Gordon, and Caffyn's Wind Management, which later prefixed UPC to its name.
Gish said UPC quickly saw the environmental hurdles and political opposition to the project, but declined to say whether UPC maintained its 50 percent investment in Cape Wind. Gordon did not answer a request for comment placed through a spokesman.
"We thought we were getting into a marathon," Gish said. "What it is, is an ultramarathon, and we did not sign up for that."
"It is not at all abnormal to have people buying into and selling out of these projects," said Jonathan Winer, a wind-energy consultant with La Capra Associates in Boston.
UPC moved its office from Yarmouth on Cape Cod to Newton in 2001, and began exploring other projects. Its experience since then has largely mirrored those of similar companies, from giants like Florida-based FPL Group Inc. to individual developers."
2005 Worcester Polytechnic Institute (WPI) News Summer 2005 (UPC First Wind President and CEO Paul Gaynor earned his B.S. at (WPI)
"...As president and CEO of UPC Wind Management, located in Newton, Mass., Gaynor was tapped to bring the success of the parent company, UPC Group, to North America. In Europe and North Africa, UPC affiliates—including Italian Vento Power Corporation—have raised over $900 million in financing and installed some 900 utility-scale wind turbine generators (WTGs), with a total capacity of more than 635 megawatts. UPC subsidiary companies, positioned across the United States and in Toronto, are currently pursing some 2,000 megawatts in projects from Maine to Maui..."
Prefiled Direct Testimony February 21, 2006
"UPC Group is a group of related companies that have developed large scale wind farms in Europe. To date, UPC Group has developed, financed, constructed, owned and operated over 635 MW of large-scale wind turbine generators in southern Italy and the islands of Sicily and Sardinia through a company called Italian Vento Power Company (“IVPC”) (www.ivpc.com). Certain principals of the UPC Group recently sold their ownership interests in holding companies that own the IVPC companies. In conjunction with this sale, a new European subsidiary of UPC Group has been established and is pursuing several hundred megawatts of wind energy projects in Europe and North Africa, including additional projects in Italy".
"The IVPC subsidiaries of the UPC Group achieved an exceptional operating record, with its wind turbines available 98.5% of the time on a fleet-wide basis. An extensive operations and maintenance organization was established for the Italian projects, consisting of over 120 personnel dedicated exclusively to the day-to-day management, operation and maintenance of the IVPC projects."
UPC Wind Partners, LLC (“UPC Wind”) announced today that a member of the D. E. Shaw group and an affiliate of Madison Dearborn Partners have each made a significant investment in the Newton, Massachusetts-based wind energy company.
Thursday May 4, 2006
BOSTON, May 4, 2006 – (BUSINESSWIRE)—UPC Wind Partners, LLC (“UPC Wind”) announced today that a member of the D. E. Shaw group and an affiliate of Madison Dearborn Partners have each made a significant investment in the Newton, Massachusetts-based wind energy company. UPC Wind’s original investors have retained a substantial stake in the company, and the management team at UPC Wind will remain unchanged.
April 25, 2007,
Complaint Filed With the Department Of Justice Under the Sherman Antitrust Act By Concerned Citizens From The States of New York, Vermont, Maryland, and California (filed April 25, 2007)
A complaint against "UPC Wind Management LLC: "an American subsidiary of UPC Group", formerly known as Wind Management LLC, founded by Brian Caffyn for U.S. developments.", is filed with the U.S. Department Of Justice. The complaint filed under the Sherman Antitrust Act by 94 concerned citizens alleged a cartel was engaged in Market Allocation, Price Fixing, Big Rigging in Wind Farm Developments in New York and Vermont, as well as other states across the nation.
"Cape Wind Associates LLC: a joint venture with EMI for development in Nantucket Sound, Cape Wind Project."
April, 2008. A citizens’ group had asked the attorney general to investigate Adams, the former Public Utilities Commission Chairman, after the Maine Center for Public Interest Reporting reported that he had been granted 1.2 million units of equity in wind power company First Wind while he was still on the state’s payroll
Adams left the commission in May 2008 to work as senior vice president for First Wind and said the stock options — which First Wind called “equity units” in filings with the Securities and Exchange Commission — “had no value at all,” and thus should not trigger state conflict of interest or improper gift laws. Later, Adams and company officials said that despite statements First Wind had made in federal filings, the company had made a mistake and had granted the units only after Adams had left the PUC in mid-May,
Boston, MA—May 1, 2008—UPC Wind, an independent North American wind power company, today announced that it is changing its name to First Wind.
Title: FIRST WIND NAMES KURT ADAMS TO SENIOR VICE PRESIDENT, TRANSMISSION DEVELOPMENT
Industry sector: Wind
Announcement Type: New Personnel
May 1, 2008
Former Maine Public Utilities Commission Chairman to lead First Wind’s transmission development strategy
Boston, MA—May 1, 2008—First Wind, an independent North American wind power company, today announced that Kurt Adams will assume the position of Senior Vice President, Transmission Development. Adams will primarily be responsible for the oversight and implementation of transmission planning for all of First Wind’s operating and development projects.
“We are very excited to welcome Kurt to our team, and we know that his immense experience will help advance the transmission efforts for our projects across North America,” said Paul Gaynor, President and CEO of First Wind, formerly UPC Wind. “Through his most recent work as Chairman of the Maine Public Utilities Commission, Kurt has a great working knowledge of the issues facing the wind industry. Kurt is now part of our senior management team; we look forward to his leadership in implementing creative transmission solutions across our operating and development portfolio.”
May 2, 2008 ... Kurt Adams resigns to work for a national wind development company. ... for transmission development at First Wind, formerly UPC Wind. ...
tchgetting2zero.blogspot.com/2008/05/maine-puc-c... - 75k - Similar pages
On May 2, 2008, the Company contributed approximately $3.4 million of cash and property in exchange for a 30% investment in Deepwater Wind, LLC (Deepwater), an off-shore wind energy company. The Company has significant influence but not control over Deepwater, therefore the Company accounts for this investment using the equity method of accounting. A member of First Wind has a majority investment in Deepwater. The Company committed to provide contributions of $120.0 million to Deepwater; however, the Company has the right to opt out of making such contributions, which could result in the dilution of the Company's interest in Deepwater. As of December 31, 2009, the Company's interest had been diluted to approximately 17%.
[BOSTON Wednesday, July 2, 2008 Governor Deval Patrick today signed the Green Communities Act, a comprehensive energy reform bill resulting from close collaboration with House Speaker Salvatore DiMasi..."]
[Former House Speaker DiMasi indicted on corruption charges - Local ...Jun 2, 2009 ... Former Massachusetts House Speaker Salvatore F. DiMasi and three friends were indicted today by a federal grand jury for allegedly ...
July 15, 2008, First Wind served with a civil subpoena by the New York State Attorney General seeking documents to substantiate First Wind’s alleged improper benefits to public officials. First Wind is under criminal investigation by NYS Attorney General Andrew Cuomo for allegations of improper dealings with public officials and anti-competitive practices.
July 15, 2008
The Press Republican
"We've had a number of complaints from counties all over the state, from Franklin all the way over to Erie," said John Milgrim, spokesman for Attorney General Andrew Cuomo.”
“Franklin County District Attorney Derek Champagne was among "DAs from eight counties, public officials and citizens" who bombarded Albany with complaints about Noble and Massachusetts-based First Wind, formerly known as UPC Wind, he said"
Friday, September 26, 2008
First Wind spinoff to build RI offshore wind project
By Mass High Tech Staff
The office of Rhode Island Governor Donald Carcieri announced today it has chosen Deepwater Wind to lead the development and construction of the state’s $1 billion offshore wind energy project. Deepwater Wind is an offshore wind development company formed by Newton-based First Wind Holdings Inc. and other investors.
UPC Management, LLC
UPC Management, LLC is the administrative and management arm of the
UPC Energy Group, one of the most successful privately owned renewable
energy organizations in the world. UPC Energy Group focuses on renewable
energy related investments and development projects both domestically within
the United States as well as around the globe. http://upcmanagement.com/
Executive Managing Director, Zeehan Zinc Limited
Total Annual Compensation
This person is connected to 6 board members in 2 different organizations across 2 different industries.
As of Fiscal Year 2008
Brian Eugene Caffyn has been an Executive Managing Director of Zeehan Zinc Limited since June 26, 2007. Mr. Caffyn has over 20 years of experience in project financing for wind, co-generation, hydro, solar, geo-thermal, waste-to-energy, and biomass energy projects, initially with G.E. Capital, Heller Financial and UPC. He founded first wind energy company in 1996, Mr. Caffyn has successfully completed some of the largest wind energy projects ever financed while overseeing ... the development and operation of over 750 MW of operating wind energy projects. He is founder of Wind City Inc. He Founded and serves as Chairman of UPC Wind Partners, L.L.C. Mr. Caffyn has been Chairman and Director of Solar Integrated Technologies since December 2006. He served as Non Executive Director of Zeehan Zinc Limited and also previously served as its Director from June 26, 2007 to November 2007. Mr. Caffyn serves as a Director or Partner in the following companies or partnerships includes 02 St. Antoine, L.P., 191202309 Alberta 20 Ulc., 9162-0716 Quebec, Inc., 9162-0690 Quebec, Inc., Asia Wind Management, LLC, BEC Arizona Properties, LLC, BEC Montana Properties LLC, BEC Montana Properties 2, LLC, Canandaigua Wind Partners, LLC, Empire Energy Corporation, Empire Holdings, B.V., Equinox Capital Holdings, Inc., Europe Wind, B.V., Europe Wind II, B.V., Europe Wind III, B.V., Europe Wind IV, B.V., Europe Wind V, B.V., Europe Wind VI, B.V., Europe Wind VII, B.V., Europe Wind VIII, B.V., Europe Wind IX, B.V., Europe Wind X, B.V. and Europe Wind Management, LLC. Mr. Caffyn serves as Director or Partner of Evergreen Wind Power, LLC, Evergreen Wind Power II, LLC, Evergreen Wind Power III, LLC, Evergreen Wind Power IV, LLC, Evergreen Wind Power V, LLC, HC 750 Place D'Armes, Inc., HC-750 Place D'Armes, L.L.P., HC St. Jovite I, Inc., HC St. Jovite II, Inc., Kaheawa Wind Power, LLC, Kaheawa Wind Power II, LLC, Maine Wind Partners, LLC, Maine Wind Partners II, LLC, Millford Wind Corridor, LLC, New York Wind Partners, LLC, Place D'Armes Land Partners, Inc., Place D'Armes Land Parnters II, Inc., SI Holdings, B.V., Solar Integrated Technologies Inc., Top Skin S.r.l., Turtle Dove International, Inc., UPC Asia Wind Partners, LLC, UPC Capital Partners (Holding) Cooperative, U.A., UPC Construction Management, LLC, UPC Europe Wind Partners, LLC, UPC Hawaii Wind Construction, LLC, UPC Hawaii Wind O&M, LLC, UPC Helas Wind, EPE, UPC Maine Wind Construction, LLC, UPC Maine Wind O&M, LLC, UPC Management, LLC, UPC Mars Hill Wind Partners, LLC, UPC New York Wind, LLC, UPC O&M Management, LLC, UPC Oregon Wind, LLC, UPC Polish Wind Partners Spoika, Z.o.o., UPC Renewables Partners (Holding) Cooperative, U.A., UPC Solar, LLC, UPC Solar Management, LLC and UPC Solar Montebello/Orange, LLC. Mr. Caffyn serves as Director or Partner of UPC Tunisia Wind Partners, LLC, UPC Utah Wind, LLC, UPC Vermont Wind, LLC, UPC Wind Gestione, S.r.l., UPC Wind Partners, LLC, UPC Wind Partners II, LLC, UPC Wind Prospects, LLC, UPC Wind Uno, S.r.l., UPC XET CA Management, LLC, WCI Technology Ventures Management, LLC, Wind City, Inc., Wind City Oil & Gas, LLC, Wind City Oil & Gas Management, LLC, Wind City Penna Oil & Gas, LLC, Wind City Tennessee Oil & Gas Management, LLC, Wind Farm Prattsburgh, LLC, Wind Mill Oil & Gas, LLC, Wind Mill Equipment Holdings, LLC, XET Management, LLC, XS Holdings, B.V. and Zeta Petroleum, Inc. Mr. Caffyn served as Director or Partner of BEC Texas Properties LLC, Dakota Wind Power I, LLC, Dakota Wind Power II, LLC, E.F.A. Ltd., EnerCiel B.V., EnerCiel Tunisie, SARL, International Energie, Inc., Italian Vento Power Corporation (IVPC), Srl, IVPC 4, Srl. (Italian Vento Power Corporation), IVPC 6, Srl, IVPC 2000, Srl., IVPC Energy B.V., IVPC Energy 3 B.V., IVPC Energy 4 B.V., IVPC Energy 5, B.V., IVPC Energy 6, B.V., IVPC Energy 7, B.V., IVPC Gestione, Srl, IVPC Management, Srl, IVPC Management 2, Srl and IVPC Marche, Srl. Mr. Caffyn served as Director or Partner of IVPC Marche 2, Srl., IVPC Puglia, Srl, IVPC Service, Srl, IVPC Service 2, Srl, IVPC Service 3, Srl, IVPC Service 4, Srl, IVPC Service 5, Srl, IVPC Service 6, Srl, IVPC Sicilia, Srl., IVPC Sicilia 2, Srl., IVPC Sicilia 3, Srl., IVPC Sicilia 4, Srl., IVPC Sicilia 5, Srl., IVPC Sicilia 6, Srl., IVPC Umbria, Srl., IVPC Wind, Srl, UPC International Partnership CV, UPC International Partnership CV II, XET Holding Co., LLC, Xslent Energy Technologies, LLC and Xslent Technologies, LLC. Mr. Caffyn received a B.A. in Finance and Quantitative Methods from Babson College in 1981.
March 30, 2009
"Patrick-Murray Administration Appoints Business, Science Leaders to Chair Climate Advisory Committee"
"Group will advise on measures to reduce greenhouse gas emissions, accelerate development of green jobs"
"As mandated by the Act, the Climate Protection and Green Economy Advisory Committee includes members representing the following sectors: commercial, industrial and manufacturing; transportation; low-income consumers; energy generation and distribution; environmental protection; energy efficiency and renewable energy; local government; and academic institutions. Additional appointments are pending, but those members announced today are:"
"Energy efficiency and renewable energy;"
"Paul Gaynor, President and CEO, First Wind"
According to investigative journalist Ira Stoll, this last round of $117 of stimulus grant to Massachusetts Green Job Czar translates to $11.7 million and $19.5 million for each of 6 to 10 green job created in Hawaii at his company.
Maine, this 27th day of March, 2009.PETER S. KELLEY, ESQ.ATTORNEY FOR PLAINTIFFS Filed suit: "Mars Hill residents' suit against First Wind et al."
The Union Leader
April 6, 2009
"According to a March 26, 2008 report by the Daily News in Bangor, Maine, UPC
Wind president and CEO Paul Gaynor said the company would do a better job in the
future about letting local residents know what to expect from wind farms."
"I know there was an expectation (in Mars Hill) about what these were going to
sound like," Gaynor told the Daily News. "These are big structures and they do
Shortly after Gaynor spoke to the Maine newspaper, the firm changed its name to
First Wind. It was formerly known as Global Winds Harvest/UPC."
July 14, 2009
Utilities First Wind Energy LLC SnapshotPeople Company Overview First Wind Energy, LLC produces wind power in North America. It develops, owns, operates, and finances wind farms. First Wind Energy, LLC was formerly known as UPC Wind Management, LLC. The company is based in Newton, Massachusetts. As of July 14, 2009, First Wind Energy LLC operates as a subsidiary of Caliber Energy Inc.
http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId'059779Fox News Report:
Mafia Invests in Sicilian Wind Farms
Tuesday, May 05, 2009 The Mafia may be going green.
Sicilian prosecutors are cracking down on Cosa Nostra involvement in the numerous small firms that build wind farms on the Mediterranean island, the Financial Times reports. What's the attraction for organized crime? The best of intentions, of course. The European Union and the Italian government heavily subsidize the construction of alternative-energy facilities, and the operators are guaranteed high rates to maximize their profits. 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." Eight arrests have already been made."
May 12, 2009: Governor Patrick and First Wind Paul Gaynor were were interviewed by Alison King of NECN Radio, along with Steven Lockard CEO TPI Composites, U.S. Energy Secretary Steven Chu, and Ian Bowles Environment and Energy Secretary. Alison King introduced Paul Gaynor as "CEO of First Wind, the largest wind energy producer in New England".
Clean Tech July 21, 2009
Banks bail out First Wind’s debt with $191M
"Newton, Mass.-based First Wind is in a crunch for cash and it’s forcing the company to get creative since it’s indefinitely delayed plans to raise it on the public markets.
The company, an independent developer and operator of wind power in the United States, has put at least two projects on hold for 2009 and struggled to access financing. But today things turned around with the company closing two financing transactions totaling $191 million. Proceeds from the transactions are expected to be used to further First Wind’s development activity, to fund debt and for general corporate purposes, First Wind’s Director of Communications John Lamontagne told the Cleantech Group.
The company had revenue of $12 million and a net loss of $73 million for past 12 months ending March 31, 2008. Lamontagne couldn’t provide more current figures.
The first financing is an 8.5-year $115 million term loan facility from Edmonton, Alberta-based Alberta Investment Management. The second is a $76 million 1-year loan with HSH Nordbank for First Wind’s Stetson project, which started operating in January 2009.
“These are highly capital intensive projects, and we have to borrow significant sums to get these projects built,” Lamontagne said.
He added that today’s financing would be used to fund debt incurred in having the facility built, although he didn’t know how much debt had been acquired."
In 2008, First Wind filed an IPO to raise up to $450 million on the Nasdaq. First Wind said at the time that it planned to use proceeds from the IPO to repay debt and to fund a portion of its capital expenditures in 2008 and 2009 (see First Wind plans share sale as WNDY). Lamontagne confirmed those plans are still on file with the SEC.
July 25, 2009
Letter response to the Mass Executive Office of Environment and Energy Affairs EOEA regarding The Wind Turbine Siting Reform Act warns the Patrick Administration to secure public interest by EOEA attention to wind developers business practices as UPC, First Wind, Cape Wind, Italian Vento Power Corporation IVPC and Oreste Vigorito.
Posted online by Mass Government:
Financial Times Guy Dinsmore November 12, 2009:
"Police said yesterday they had sent requests for documentation to five foreign companies – two in the Netherlands and three in Spain – that were linked to IVPC. Other companies in Ireland and the UK, said to be Italian affiliates of IVPC, have been asked by Italian authorities to provide information."
Footnote: Project Finance, February 2004, "IVPC 2000: certificated success":
"The driver behind IVPC is US wind developer UPC through its UPC International Partnership CV II ..."
<http://www.projectfinancemagazine.com/default.asp?page=7&PubID=4&ISS=10883&SID=432546> (subscription required for more)
Mafia Tied to Wind Fraud in Italy
Posted By Environmental Leader On November 17, 2009 @ 8:11 am
In Carbon Finance & Offsets, Clean Energy, Feature, Financial, Funding & Incentives, Policy & Law, Wind Energy | No Comments
Italian finance police have arrested two prominent businessmen — including one with ties to a former investor in the Cape Wind project in Nantucket — in the wind energy sector on charges of fraud, reports the Financial Times . Arrested were Oreste Vigorito, head of the IVPC energy company and president of Italy ’s National Association of Wind Energy, and Vito Nicastri, a Sicilian business associate, according to the article.
According to the European Committee For A Constructive Tomorrow , Oreste Vigorito has ties to Brian Caffyn, a former investor in the Cape Wind project , which has been criticized as a poor investment for taxpayers, reports Dakota Voice .
Vigorito once owned IVPC with Brian Caffyn, founder of Cape Wind and First Wind, according to the Boston Herald . Caffyn sold his interest in Cape Wind in 2002 and sold his interest in IVPC in 2005. Vigorito has never had any involvement in Cape Wind , according to Mark Rodgers, Communications Director for the Cape Wind project.
The Herald reports that Caffyn was surprised to learn of Vigorito’s arrest:
“I read about it in the papers, and I was very surprised,” Brian Caffyn said from Hong Kong, where he is now building wind-energy farms in China and the Philipines.
“I know of no fraud with (former partners) Oreste (Vigorito) and IVPC,” said Caffyn, a Cape Cod native and Babson College graduate.
The “Gone with the Wind” sting operation, started in 2007, netted 11 others who were charged but were not arrested. Italian police told Financial Times that the fraud charges are related to obtaining millions of dollars in public subsidies to construct wind farms that never worked. Police confiscated seven wind farms with 185 turbines in Sicily linked to IVPC, according to the article.
The anti-fraud team also is investigating IVPC’s sales of wind farms to foreign companies, and already has sent requests for documentation to five companies located in the Netherlands and Spain , as well as IVPC’s Italian affiliates in Ireland and the UK , according to the article.
Anti-mafia prosecutors in Sicily also have launched a parallel investigation, reports the Financial Times.
Fraud appears to be an emerging problem in the nascent clean energy sector. Most recently, two clean energy auditors — SGS UK and DNV — wereaccused  of not properly auditing projects in carbon trading markets.
Meanwhile, the UK is dealing  with carbon trading credit scams that could cost millions of dollars. In Australia , to prevent bogus carbon offset schemes, federal police agents can now enter  company premises and request paperwork to monitor their emissions.
Article printed from Environmental Leader: http://www.environmentalleader.com
URLs in this post:
 Financial Times: http://www.ft.com/cms/s/0/59fe9474-cf2b-11de-8a4b-00144feabdc0.html?nclick_check=1
 European Committee For A Constructive Tomorrow: http://cfact.eu/2009/11/15/gone-with-the-wind-arrests-for-massive-fraud-in-italy/
President of Italian Wind Energy Association arrested for fraud
By Red Nek Engineer
By Guy Dinmore in Financial Times, November 12, 2009
Italian finance police, mounting an operation code named “Gone with the wind”, yesterday said they had arrested two of the country’s most prominent businessmen in the wind energy sector. Police said the charges related to fraud involved in obtaining public subsidies to construct wind farms. They are also investigating the sale of wind farms to foreign companies.
Italian finance police, mounting an operation code named “Gone with the wind”, yesterday said they had arrested two of the country’s most prominent businessmen in the wind energy sector.
Police said the charges related to fraud involved in obtaining public subsidies to construct wind farms. They are also investigating the sale of wind farms to foreign companies.
Oreste Vigorito, head of the IVPC energy company and president of Italy’s National Association of Wind Energy, was arrested on Tuesday in Naples. Vito Nicastri, a Sicilian business associate, was arrested in Alcamo, Sicily.
Two other men were arrested in Sicily and the Naples area, while 11 others were charged but not arrested.
IVPC, a leading constructor and operator of wind farms in Italy, did not return calls asking for comment. Mr Vigorito is also well known as president of the Benevento football club.
“Gone with the wind”, mounted by the finance ministry’s anti-fraud police, started in 2007 and began by blocking public subsidies worth €9.4m ($14m, £8.4m) granted by the ministry for economic development. Last year police confiscated seven wind farms with 185 turbines in Sicily linked to IVPC.
Anti-Mafia prosecutors in Sicily have launched a parallel investigation. The Financial Times was told in April that a large number of wind farms had been built with public subsidies but had never functioned.
Police said yesterday they had sent requests for documentation to five foreign companies – two in the Netherlands and three in Spain – that were linked to IVPC. Other companies in Ireland and the UK, said to be Italian affiliates of IVPC, have been asked by Italian authorities to provide information.
Police also said they were carrying out checks on 12 companies in Italy, including nine with company names that are variations of IP Maestrale and which share the same street name and number as IVPC in Avellino, near Naples.
International Power of the UK, the largest operator of wind farms in Italy last year with a market share of about 15 per cent, said it owned the IP Maestrale companies.
International Power acquired its Maestrale portfolio of wind farms in 2007 for €1.8bn from Trinergy, an Irish company that had bought them from IVPC two years earlier. Some of the projects had been developed by Mr Nicastri, although IP told the FT in April it had no direct relationship with him.
International Power, which has not been charged with any wrongdoing, said in London yesterday: “We are aware of the arrests made in Italy yesterday. Criminal proceedings in Italy are conducted on a confidential basis and we will not make any comment on either the arrests or the individuals involved at this time.”
Mr Nicastri told the FT in April he had developed the “majority” of Sicily’s wind farms. He had then sold some of the projects to IVPC for further sale to foreign companies.
All were functioning, he said at the time. His office declined to comment yesterday.
November 15, 2009:
'Italians nab soccer club president in energy fraud''
"...Italian finance police have arrested two prominent businessmen — including one with ties to a former investor in the Cape Wind project in Nantucket — in the wind energy sector on charges of fraud, reports the Financial Times . Arrested were Oreste Vigorito, head of the IVPC energy company and president of Italy's National Association of Wind Energy, and Vito Nicastri, a Sicilian business associate,..."
November 16, 2009 Dakota Voice
‘Trouble in Green Wind Paradise: Wind Farm Scams “Gone with the wind”, mounted by the finance ministry’s anti-fraud police, started in 2007 and began by blocking public subsidies worth €9.4m ($14m, £8.4m) granted by the ministry for economic development. Last year police confiscated seven wind farms with 185 turbines in Sicily linked to IVPC."
UPDATE: I spoke with Cape Wind Communications Director Mark Rogers who asked that I make the clarification that while Vigorito and Caffyn had worked together on projects in the past, Vigorito had no direct connection with Cape Wind, and that Caffyn is no longer involved with Cape Wind. Rogers also asked that I clarify that Caffyn has not been implicated in the matters for which Vigorito, Vito Nicastri and others were arrested in Europe
First Wind calls it quits in Prattsburgh
By Mary Perham
Corning Leader/Bath Courier
Sun Jan 24, 2010
Prattsburgh, N.Y. -
One of two potential wind farm developers in the town of Prattsburgh announced Friday it is abandoning plans to put up nearly 50 turbines in the town.
First Wind spokesman John Lamontagne said lease holders for potential turbine sites have been notified of the firm’s decision, made at the end of December.
Lamontagne said First Wind’s decision to pull out was made after a careful, internal review of pending, “viable” projects.
“We appreciate the support – and there was a lot of support – from the people in Prattsburgh,” Lamontagne said.
First Wind also drew a fair share of critics, particularly after it launched eminent domain procedures via a divided town board. Plagued by the economic downturn during the summer and fall of 2008, the developer announced a yearlong hiatus in 2009, in order to reassess its projects.
First Wind intends to pursue projects this year in Maine, Vermont, Utah and Hawaii, but remains committed to its projects in the town of Cohocton and Lackawanna, Lamontagne said.
He did not rule out the possibility of future development in Prattsburgh, “but we’d be back starting at ground zero, so it would be pretty difficult.”
Lamontagne said the decision to leave was not influenced by the disputes that erupted last year between second developer Ecogen, town residents, and some town board members.
The disputes -- which were driven in part over concerns about excessive noise at First Wind’s operating wind farm in Cohocton -- led to angry charges from both sides, unseated two pro-wind board members in November and resulted in a flurry of lawsuits.
The new town board is now considering a six-month moratorium in order to review its comprehensive plan and possibly set up a zoning board.
Town Councilman Steve Kula wondered if the move would benefit the Ecogen project.
“Does this open up more land, to identify possibly new sites for Ecogen?” he asked.
Kula has advocated for greater setbacks than those currently in place to ensure residents’ health and safety.
“Before, you had two projects squeezed into one small town. First Wind had 50 (turbines),” Kula said. “Now you’ll have one project and more land. I don’t know. But maybe.”
Supervisor Al Wordingham said a First Wind representat