They sound homey — they aren’t

GREEN ENERGY: Don’t be fooled by the names of many of the massive wind farms sprouting up across Southwestern Ontario. There’s a local ring to them, but they’re actually owned by multinationals as far-flung as Calgary, Florida and China, to name a few. John Miner reports.
By JOHN MINER, The London Free Press

The names have a comforting, familiar ring — Adelaide, Bluewater, Goshen, Bornish. Jericho.

But if you’re looking for who controls the massive wind farms under development in this part of Ontario, you won’t find their head office anywhere close to their local namesakes.

While incorporated as separate companies with local-sounding names, the real control of these wind farms resides in Juno Beach, Fla., home to NextEra Energy, the third largest nuclear power company in the U.S. and the largest industrial wind company in North America.

NextEra Energy owns Florida Power and Light and NextEra Energy Resources, which owns NextEra Energy Canada. It, in turn, owns the planned Adelaide Wind Farm, as well as neighbouring Bornish, Goshen and Jericho.

It’s a similar story for much of the fresh wave of wind farms that have won contracts with the Ontario government.

Dufferin Wind Farm, a 100-megawatt (MW) project that will span more than 6,000 acres near Shelburne, was originally championed by 401 Energy Ltd., a company that prided itself on participation by local farmers and land owners. Read article

2 thoughts on “They sound homey — they aren’t

  1. The IWT projects are also set up as LLCs for funding purposes. Mostly the projects are funded as stand alone projects with money provided by a group of investors for each project. It appears thar even the big rich companies are using outside sources of funding and not using their own capital for IWT projects.
    This news article failed to identify the real ownwership of Pattern Energy which is Riverstone Holdings. Even a Wiki search reveals this and it makes a big difference to Ontarians as to who owns this company.

    • For Example: Boralex Thames River project
      Began as a Gengrowth project
      Boralex was a partner by 2008
      Boralex aquired the Thames Project c.July,2008
      Boralex got 18 yrs non-recourse financing, Sept.,2009, from BNP Paribas (Canada)
      Boralex refinanced the project, March,2010, for 21 yrs with Manulife as lead issurer of the funding
      Project now sold to large corporate interests but was funding left as it was or refinanced again?
      BNP Paribas (Canada)
      Michel Pebereau, BNP Director, see connections
      http://investing.businessweek.com/research/stocks/private/people.asp?privcapId=4317220
      Thames River project started out as small company but large corporate owners got the financing for the project.

Leave a Reply

Your email address will not be published. Required fields are marked *