First Wind Cancels Plans to Go Public

By Tux Turkel tturkel@mainetoday.com
Staff Writer

Lamontagne acknowledged, however, that the company has yet to arrange financing for the 40-turbine wind farm it began developing earlier this month near Lincoln. ...

But a financial analyst and critic of the wind industry said today's events threaten First Wind's survival, and that it may need to tap a new round of federal stimulus funds to help pay for Rollins...

 But unless Shaw and Dearborn put in more money, or First Wind finds a buyer, Downes said, the company could go under. ...

[FW] says it has substantial, short-term debt and insufficient money to pay back loans. ". . . failure to comply with these obligations could result in an event of default under those agreements, which could be difficult to cure, or result in our bankruptcy."

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Opinions Divided on Dixfield Wind Project

By Eileen M. Adams, Staff Writer

Published Oct 29, 2010 12:00 am | Last updated Oct 29, 2010 12:00 am

DIXFIELD — About three dozen residents attended Patriot Renewables LLC's first public informational meeting on its planned wind turbine project Thursday night. Most were looking for more information from one or more of the several experts who had charts and maps on display.
“I'm still up in the air,” said Bitsy Ionta, who attended the session to learn more about the financial aspects of the project. ...

Eddie Duncan, a sound engineer who is part of Patriot's team, kept a device that measures sound going during the session. Decibels ranged from 50 to more than 80. He said the sounds that would emanate from the turbines would be kept at around 45.
Todd Presson, chief operating officer, said the session was held to give people a chance to ask questions and to learn more about the company's plan.
“We'll get back to them as soon as possible,” he said.

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First Wind cuts forecast on proceeds from IPO

Investors wary of Boston company’s red ink, big debts

By Steven Syre Globe Staff / October 28, 2010 

Facing a decidedly cool reception from investors, First Wind Holdings Inc., a Boston developer of big wind farms, yesterday elected to sharply reduce the amount of money it expects to raise from its initial public offering, scheduled for today.

First Wind earlier predicted it would get $24 to $26 a share. Now it expects to sell 12 million shares in the range of $18 to $20 each. ...

“Given the financial tight rope First Wind is walking and its voracious need for financing to build its projects, we believe the risks outweigh the company’s upside,’’ Stephen Simko, Morningstar Inc. analyst, wrote in a report on the stock offering.

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Lack of Support Spells Demise of Camden Wind Power Effort

10/27/10 06:19 pm  Updated: 10/27/10 06:22 pm

By Heather Steeves
BDN Staff

CAMDEN, Maine — Efforts to consider a wind project in town halted Tuesday night. After more than two months of soliciting applications for a wind committee to explore the possibility of bringing turbines to the top of Ragged Mountain, the town received a strong message that the project is unwanted.
At least seven of the eight applicants to the committee were opposed to generating wind energy on the mountain. After some discussion at a meeting Tuesday night, the town’s Select Board unanimously voted not to continue discussions of the project, and not to form a committee after all.
“I think what you are seeing — with only so-called anti-wind people who have applied — may be an indication of what is going on with this project,” said committee applicant Cindy Gagnon....

No one voiced support for a wind project on Ragged Mountain at the Tuesday night meeting.

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