Saturday, October 08, 2011

Hmmm: Owners of Zuccotti Park Recently Received $135 Million in Tax Money for Wind Farm

Isn't it curious that the management company that runs Zuccotti Park in Manhattan, where Obama's army of goons have been camping out the past few weeks, just so happened to get a $135 million loan to subsidize a New Hampshire wind farm just after opening their park to the anti-capitalist squatters?
In the name of “green energy,” the Obama administration is using taxpayer money to subsidize a New Hampshire wind farm that is a subsidiary of a hugely profitable company.

New Hampshire’s largest wind farm, the Granite Reliable Power project under construction in Coos County, is jointly owned by BAIF Granite Holdings, LLC and Freshnet Wind Energy, LLC. BAIF owns 75 percent of Granite Reliable. BAIF Granite Holdings was created earlier this year by Brookfield Renewable Power, which is a subsidiary of Brookfield Asset Management of New York.

That company, which runs clean energy operations around the world, has deep pockets. It reported net income of $454 million in 2009 and $3.2 billion in 2010. Brookfield Renewable Power financed the creation of BAIF Granite Holdings from its Brookfield Americas Infrastructure fund, which was reported in February to have $2.7 billion in assets. With that kind of backing, it is curious that the U.S. Department of Energy announced it would guarantee up to 80 percent of a $168.9 million loan for the Granite Reliable wind farm project last week.

Why would a company created by a $3.2 billion company and backed by a $2.7 billion private fund need federal loan guarantees? That would be an important question at any time, but it is more pertinent after the bankruptcy of Solyndra, a solar-panel maker that got a $535 million federal loan guarantee from the Obama administration last year.

Granite Reliable’s wind farm is not proven, and Granite Reliable is a limited liability company, which provides broad investor protection if the company goes down. If the wind farm flops, and investors cut their losses, the taxpayers stand to lose $135 million. What is the justification for risking $135 million in public money, especially on a company with access to so much private cash? Apparently, the justification is that Obama likes “green power” and wants to associate himself with it.
Now why does a company worth billions need taxpayer funding for some green energy project? Something surely smells here. Let's see: They opened the park in mid-September, and magically on September 23, here's a windfall of taxpayer cash.

You'll never guess who lobbies for Brookfield. The firm of Oldaker, Biden & Belair, founded by Joe Biden's son. Well, isn't that a cozy relationship?

There's actually more to it, as someone here has sifted through all the connections. Frankly, it reeks of cronyism and backscratching.

H/T Colleen.

Also posted at Ace of Spades HQ.


brian prince said...

Yeah, reminds me of the movie SOILANT GREEN.  The whole green movement.  WORTHLESS PAPER CURRENCY to WORTHLESS SHELL PEOPLE of WORTHINESS AND POTENTIAL get BRAIN-WASHED by these little green men into CAP and TRADE, EPA, WORKERS of the WORLD UNITE, etc., etc., etc. - ad nauseum.

jeannie-ology said...

A "wind" farm does that have anything to do with the guy who pooped on the police car?

jeannie-ology said...

How negative everyone is on the Occupy Wall Street 'movement' -- it's just Obama doing what he promised and getting friends to help provide America with 'shovel ready ' jobs!

Blake Davis said...

The issue isn't simply the wind farm - it's the failure on the part of the national media to look at this. If this type of a connection had been made for something Republican it would be splashed everywhere. Instead...silence.

Those who are conservative need to make the decision once and for all to AVOID leftist mediia - all of it, including entertainment.

And for heaven's sake get off your computer, call your local Republican leader and Tea Party group and get involved. Put your time and money in getting rid of these people before they make the place you live, work, play and raise children in completely unrecognizable. GET MOVING!