Granite Reliable Power already has state approval to move forward with its plan to put 33 wind turbines on peaks in Coos County. But can the company afford its project?

That question is at the heart of several motions for rehearing, including one from the company itself, filed Friday with a subcommittee of the state Site Evaluation Committee.

The $275 million project calls for turbines on peaks in Millsfield and Dixville and a substation in Dummer. It would produce up to 99 megawatts that would take up much of the remaining capacity on a transmission line referred to as the Coos County loop.

The panel, which is charged with reviewing any new renewable energy facility, filed its written approval of the project July 25. It stipulated the company must show that it has secured financing before beginning construction.

Throughout the approval process, Senior Assistant Attorney General Peter Roth, who is representing the public, has questioned whether the company has the financial resources or will be able to attract investors in a tough economy.

In his motion for rehearing filed Friday, he said the subcommittee's approval does not allow the public or parties to the case an opportunity to question the financing structure. He also argued that the approval relies on what Granite Reliable might be able to secure for financing in the future instead of its "present monetary resources."

Roth said the state should do a direct analysis comparing the cost of the project with the company's available resources, including cash and credit.

The company that built a smaller wind project in Lempster this year didn't have the resources it needed, but its parent company, Iberdrola Renewables, was able to demonstrate that it could cover the cost of the project if financing was not secured, Roth said in an interview.

In the case of Granite Reliable, parent company Noble Environmental Power "doesn't have the money either," Roth said.

Lisa Linowes, on behalf of the Industrial Wind Action Group, which opposes the project, filed a motion for rehearing that details several complaints, including concerns that the subcommittee did not examine the impact on property values or whether Granite Reliable would be able to find a buyer for its electricity.

Linowes also wrote that the committee did not do a full analysis on what it would cost to decommission the turbines, if needed, and whether Granite Reliable would have the money to cover that.

Granite Reliable has not yet responded to those motions. It did, however, file its own motion Friday that relates to the project financing. Its attorney, Doug Patch, argued that two of the stipulations laid out by the subcommittee could hinder the company's ability to secure funding.

The subcommittee stipulated that Granite Reliable Power may not transfer ownership of the project without state approval. Patch's motion asks for clarification that the company doesn't need permission to give investors a security interest in the project.

The subcommittee also reserved the right to hold a hearing and take action if the project has "an unreasonable adverse impact on any species." The turbines' impact on critical high-elevation forest and the threatened species that rely on it was a major issue of debate during hearings before the subcommittee.

But, Patch said in his filing, "this condition, because of the uncertainty which it creates, is very likely to prevent (Granite Reliable Power) from obtaining financing for the project."

The condition contradicts the subcommittee's previous finding that the project won't have an unreasonable adverse impact on the natural environment, and it could deter investors worried that the state could shut down individual turbines or limit operations, Patch said.

He asked that the subcommittee eliminate the condition or modify it to require the company to work with the Fish and Game Department to minimize or mitigate negative impacts on particular species.

Assistant Attorney General Evan Mulholland on behalf of the Fish and Game Department filed an unrelated motion asking that Granite Reliable pay $25,000 to the state for the 435 hours of work necessary to review or approve several species and habitat impact studies required under the permit.

As of yesterday, the subcommittee had not scheduled a time to review the recent motions.