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) Kimberley Environmental Horticulture Incorporated Kimberley Environmental Horticulture (KEH) is a small group of committed individuals who promote the use of indigenous plants for the landscaping of parks and gardens. Rehabilitation of Kimberley coast, bushland and pastoral regions are also high on our agenda. This includes planting seedlings, weed control, damage from erosion or any other environmental matter that comes to our attention. We come from all walks of life, from Professionals and Trades oriented occupations, Pensioners and Students, Public Servants and the Unemployed. We have a community plant nursery where we trial many old and new species, with a view to incorporating these into our landscaping trials. Our labour force are mainly volunteers, but with considerable help from the 'work for the dole' program, Indigenous Community Development Employment Program (CDEP) groups and the Ministry of Justice, with their community work orders; in this way we manage to train many people in the horticultural skills needed for indigenous plant growing. We constantly undertake field trips that cover seed and plant collection in the Kimberley. Networking around the Kimberley region and the east Pilbara is a necessary part of promoting our activities. We consult on a range of Environmental and Landscaping matters that deal with our region. Our activities involve improving Broome's residential streetscapes by including 'waterwise' priciples in planting out nature strips. Sustainable environmental horticulture is practised by members of our group. We use existing vegetation as the backbone of any plantings, using these species to advantage when planning to develop tree forms or orchards. The Broome region is sensitive to development. Subsequently many weed species have become dominant in and around developed areas. The use and movement of heavy machinery is the biggest single cause of environmental degradation. We dont live in a 'Tropical Paradise' but on the edge of the Great Sandy Desert. The plants that survive best here, grow in well-drained pindan sand, and are found from the Dampier Peninsular southward to where average rainfall is below 600mm. When we use rainforest species, detail is important when planting, water catchment, sunlight and understorey species are all considered. The use of recycled 'grey' water is an advantage here as well as treated waste-water, although many local species do not fare well with nutrients from this source. We use waterwise planting methods which include harvesting asmuch rainwater as possible, with swales designed to hold up to 200 litres, to help recharge the local groundwater aquifer. There has been a serious decline in this aquifer over the last few years. With the fast expansion of the Broome peninsular, more and more land is being covered by concrete, iron and bitumen so that much less water is available to replenish the aquifer, allowing the salt content to become significantly higher. The small Broome Peninsular is on the south-western corner of the Dampier Peninsular (bound by Broome, Derby and Cape Leveque at the northern tip). Compaction by vehicles also inhibits water retention due to the content of our local pindan sand, hard as concrete in the dry, going to soft and sloppy mud after rain. None of us are botanists, inevitably we have got some names wrong, names changed, or have not gone to sub-species level. If you note a photo or description may be wrong, please e-mail to kimenvhort@yahoo.com.au
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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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