windy scams breaking the bank …

The anti-windfarm energy agenda claims another victim, or is about to. The Ponzi schemes that bring us 18th Century technology using 21st Century materials and funding is sending us broke. At least the wind farm companies anyway:

Australian wind farm companies going broke

In the hard-hitting Danish docu-drama, Follow the Money, the Armani suited executives of Energreen play a game of cat and mouse with the Fraud Squad, pumping up the value of their wind farm ‘assets’, while erasing anything from their books that investors might reasonably conclude were liabilities. Some viewers might call it ‘creative accounting’, others good old-fashioned ‘fraud’.

The apparent purpose of Energreen’s book keeping shenanigans is to lure in a steady stream of gullible investors to keep the whole circus afloat, long enough for those at the top of the Pyramid to line their pockets and set up bolt-holes in Brazil (or any other sunny place without an extradition treaty).

In terms of duping creditors and investors Energreen’s on-screen exploits aren’t that far from the truth. Wind back the clock on the story of Australia’s most notorious wind power outfit, Infigen and its ‘Phoenix’ rising start and the parallels are uncanny.

In 2009 Infigen magically emerged from the ashes of Babcock & Brown (which took creditors and investors for a lazy $10 billion).  Despite its ashen origins Infigen hardly set the world on fire, managing to destroy $millions in shareholder value, in a matter of months.

Drowning in debt, it was forced by its financiers to offload its US wind farm ‘assets’ in a fire sale last year.  Hoping to pocket over $500 million from that sale, it collected a little over half that – adding further to its balance sheet’s woes.

It then went on to lose another $304 million last year – blaming its dwindling revenue on, of all things, the WIND!  That dismal result took its total losses to a lazy $448 million, since 2011.

However, for all the delusional confidence exuded by Miles George & Co about Infigen and its wind power ‘assets’, it seems that its owners are hell-bent on getting out before yet another Ponzi scheme collapses.

Much more HERE  (See the original for links & graphics)wind chopping up money

About Tom Harley

Amateur ecologist and horticulturalist and CEO of Kimberley Environmental Horticulture Inc. (Tom Harley)
This entry was posted in Climate, comedy, energy, technology, weather and tagged , , , , , , , , , , . Bookmark the permalink.

3 Responses to windy scams breaking the bank …

  1. Pingback: windy scams breaking the bank … | pindanpost | Cranky Old Crow

  2. Martin Clark says:

    Meanwhile in Queensland, we have QREEP – Queensland Renewable Energy Experts Panel, wondering how the state might get 50% RE by 2030.
    http://www.qldrepanel.com.au/issues-paper
    Here is TonyfromOz take on the prospects …
    https://papundits.files.wordpress.com/2016/05/submission-for-queensland-50-renewable-target-by-2030.pdf
    or google shortener …
    https://goo.gl/Cw8nIo
    Brilliant analysis, best thing I have read this year.
    Basically, the target is not going to happen. Not just a bad idea and ridiculously expensive, it is actually impossible.

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