Banks Baulk at Lending to Wind Power Outfits as Brits Slash Subsidies & Communities Fight Back
Our British counter-parts are on a roll.
Since David Cameron’s thumping election win, wind power outfits in the UK have been copping a belting on all fronts. And the same is true across the ditch in the Emerald Isle.
Furious communities from Armagh to Kerry; and John O’Groats to Cornwall are gathering strength and fighting back, like never before:
In the post above the comment from Stop the Chislet Windfarm committee chairman Dr Ashley Lupin says it all really:
“We are determined this is not going to happen. We local people are not the handful of country bumpkins that you were expecting to walk all over. We are passionate, we are angry and we are organised”.
It’s that kind of ‘in-your-face’ community outrage that will bring the wind power fraud to a screaming halt. Fight; and they will flea.
The weakest links for the wind industry and its parasites are those with real ‘skin-in-the-game’; and that’s the Banks.
The slightest of hint of trouble for actual or would be lenders – be it the looming (or already realised) threat of governments forced by power consumers battling with escalating bills to slash subsidies – or the threat that their developer/customers will be sued for $millions in damages in nuisance and rendered insolvent (see our post here) – has the finance sector worried; VERY WORRIED, as this BBC lament shows.
Wind farm subsidy cut putting off lenders, research suggests
14 September 2015
Investment in onshore wind energy is already being hit by the early withdrawal of government subsidies, according to a survey of lenders.
In June, UK ministers said new onshore wind farms would be excluded from a subsidy scheme from 1 April 2016.
Research for industry body Scottish Renewables suggests investors are now less willing to lend to projects.
The UK government said it was taking urgent action to address the projected overspend on subsidies.
It has previously said there are already enough subsidised wind energy projects in the pipeline.
The announcement that the Renewables Obligation (RO) – funded by levies added to household bills – would be withdrawn a year earlier than expected has been criticised by Scottish Renewables.
A survey, carried out on its behalf by EY, asked 10 major lenders about their willingness to provide investment.
Of the seven who responded, more than half said they were not prepared to lend until the UK Energy Bill had received Royal Assent, which is not expected until next year.
The political and regulatory risk concerning the RO was one of the key factors cited.
Michael Rieley, senior policy manager at Scottish Renewables, said the expected loss of the subsidy “had a clear and negative impact on the ability of developers to attract finance to their projects”.
The UK government says there are already enough subsidised wind farms in the pipeline.
“Our members have already expressed concern that they were entering an investment hiatus and this survey of lenders would indicate their suspicions are well founded,” he said.
Mr Rieley added: “With the decision to end support a year earlier than planned, around 2GW of onshore wind projects in Scotland have been put at risk.
Matthew Yard, assistant director at EY, said: “The results of the survey indicate that raising project finance for UK onshore wind RO projects has become more complex, more expensive and increasingly difficult since the announcement of the early closure of the RO.
“Those banks that have indicated they are considering lending to UK onshore wind RO projects are now seeking better terms and some form of mitigation against a situation with no RO revenue.”
At the risk of sounding like a broken record, we’ve said it before, and we’ll keep saying it – the wind industry exists – and ONLY exists – for one single purpose: to wallow in a massive subsidy stream that – in order to keep this monstrous Ponzi scheme alive – will need to outlast religion:
The ‘product’ has no commercial value, apart from the subsidies that it generates – hence British Bankers baulking at lending to wind power outfits there.
Then there’s the growing problem of communities fighting back to take control of their rights and futures.
People power blows away bid for Sturton wind farm scheme
13 September 2015
Sturton-le-Steeple villagers are celebrating after the wind was taken out of the sails of plans for a towering turbine farm.
EDF Energy Renewables has abandoned plans for its Maumhill project, to the delight of residents nearby.
It made the move after the Government announced onshore wind farms will be left out of a subsidy scheme.
Villagers have fought the proposals for nine huge turbines for more than five years.
Dave Langmead, clerk to Sturton-le-Steeple Parish Council, said the rural location already “does its bit” for energy production.
“On behalf of the Association of Trentside Parish Councils and Wheatley Energy Forum, it is a huge relief,” he said.
“We’ve got to thank all the people who have put in so much work to ensure this didn’t go ahead.
“This area produces around 10 per cent of the country’s energy with two power stations.
“Coupled with a 7.5 million tonne sand and gravel quarry about to come on line, I think we’re doing our bit!
“It’s not nimbyism – our backyard is already full.”
Despite the news being celebrated, campaigners are not resting on their laurels.
“You can never relax with these things,” said Mr Langmead.
“Even though it was the reduction of a subsidy scheme that was the death knell for this site, without the community getting together and fighting it, it could have gone through sooner.”
EDF Energy Renewables explained its decision.
“After reviewing the scheme in the light of recent government announcements on onshore wind, the company has informed Bassetlaw District Council that it does not intend to develop its plans for the project any further,” a spokesman said.
“EDF Energy Renewables’ original application for a nine turbine wind farm on the Maumhill site was refused by the council’s planning committee in February 2013.
“A subsequent appeal by the company against this decision had to be withdrawn when the Planning Inspectorate refused to consider a number of proposed changes to the scheme, prompting work to be undertaken on an intended new planning application for a reduced number of turbines on the site.
“Proposals for a revised seven turbine development were publicised last year at a series of local public exhibitions, but those plans will now not be taken any further.”
It’s “outrage” when they’re proposed and “delight” when they’re scrapped: that says it all really ….