The Next Solyndra? Wind Farm Gets Federal Loan.

Posted on October 2, 2011

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New Hampshire (Unionleader.com) – 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.

Read more:     http://www.unionleader.com/article/20110928/OPINION01/709289961/-1/NEWS