WHO IS DEEPWATER WIND?
DeepWater Wind Board of Managers: UPC First Wind CEO and President Paul Gaynor
UPC (First Wind) Testimony of February 21, 2006 boasts the “exceptional operating record” of their “subsidiaries” Italian Vento Power Corporation IVPC:
“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.”
However; IVPC is the focus of “Gone with the Wind” investigation into failing wind projects. Seven IVPC projects were seized by Italian Police.
By Guy Dinmore in Financial Times, November 12, 2009
“President of Italian Wind Energy Association arrested for fraud By Guy Dinmore in Financial Times, November 12, 2009 “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.
WPI alumnus Paul Gaynor is President and CEO of UPC (First Wind) that formed DeepWater Wind. From WPI News:
“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.”
UPC First Wind Paul Gaynor is the Hawaii Wind Developer and subject of each of the following articles published by Hawaii Free Press:
‘Hawaii Wind Developer tied to Largest-ever asset seizure by anti-Mafia police’
‘Confidential Memo: Wind Turbine Model Installed at Kahuku has Structural Problems’
‘Mafia-Connected FirstWind Got $117M in Federal Loans for Kahuku Windfarm’
‘Lawsuit targets "Illegal" $117M Federal Loan Guarantee for Kahuku Windfarm’
‘Hawaii Windfarms killing endangered Birds: After five years Mitigation Lags’
WHAT GREEN JOBS?
CHAIRMAN PAUL RYAN of the UNITED STATES HOUSE OF REPRESENTATIVES BUDGET COMMITTEE:
'THE EMPTY PROMISE OF GREEN JOBS'
"THE COSTLY CONSEQUENCES OF CRONY CAPITALISM"
September 22, 2011
Excerpt from Chairman Ryan's Report:
First Wind Holdings, received a $117 million loan guarantee in March of 2010. First Wind withdrew its initial public offering in October of 2010, due to a lack of investor demand. 11 According to the Boston Globe, investors shied away from the company because “First Wind owes more than $500 million, loses money on a steady basis, and reports a negative cash flow.”12 [cut]
The UK Independent September 16, 2010 reports:
“After decades of drug-running, extortion and prostitution, the Mafia appears to have found a rather more ecological way of laundering their money: green power.”
SECURE THE PORTS!