Articles filed under General from Delaware

Loan guarantee 'crucial' to wind farm; NRG wants Congress to extend the program

NRG Energy officials are counting on Congress to reauthorize a loan guarantee program that the firm says is "crucial" to the success of a planned wind farm off Rehoboth Beach. Right now, the planned wind farm doesn't qualify for the program because it only covers projects set to start construction by Sept. 30, 2011. And that's a year or more before the construction on the Delaware project would start. Without the federal loan guarantees, NRG would need to pay higher interest rates on any borrowing, which could cut into the project's profitability.
12 Nov 2009

Environmentalists pleased wind farm still in the works

It was dinnertime at the League of Women Voters' retreat in Rehoboth Beach on Oct. 31 when Lisa Pertzoff learned that NRG Energy might buy Bluewater Wind. Pertzoff told the league's president, who interrupted dinner with the announcement. "There was a stunned silence," Pertzoff said, then "there were some rueful chuckles."
10 Nov 2009

Bluewater's foes now on its side

But if Bluewater's offshore wind farm gets built, it may have both to thank for keeping the project afloat. Bluewater lost its financial backing when its Australian parent company, Babcock and Brown, was ravaged by debt and the global economic meltdown. The wind farm developer missed a critical deadline this summer to provide a letter of credit to Delmarva, which has a 25-year contract with Bluewater to buy power from turbines off the coast of Rehoboth Beach.
5 Nov 2009

Sources: NRG close to buying Bluewater

Bluewater Wind expects a controlling interest in the firm to be sold in the next few weeks, and sources familiar with the plan say the company is in serious negotiations to sell to NRG Energy Inc. In selling a majority stake in the offshore wind farm company, Bluewater would get the immediate financial help it needs to keep its projects moving forward, and the backing of a large energy company that should ease the financing of billion-dollar wind farms.
31 Oct 2009

Wind power on its way to Del. grid

Delmarva Power's four power purchase agreements with wind developers should begin paying dividends by the end of the year, with the first clean-energy electrons flowing to the state later this fall. One land-based wind farm under contract to the local utility could start sending electricity to Delaware by year's end, and another in western Maryland could get its permit soon despite concerns the turbines could harm endangered species. That project has an easier path to approval thanks to a controversial new law that exempts smaller wind farm projects from an extensive environmental vetting.
11 Oct 2009

Bluewater works on new financing; President confident of interim investment in wind farm

Bluewater Wind expects to name a new investor within two months, pumping badly needed capital behind its plans to build a wind farm off Delaware's southern coast. Peter Mandelstam, president of the offshore power development company, said he is confident a deal will be completed within 60 days with a new ownership partner and that Babcock and Brown, its embattled Australian financier, would be out of the project by the end of the year.
6 Sep 2009

Bethany residents wary of Bluewater power cable

Many residents of this quaint beach town say they are all for green energy, but when Bluewater Wind officials came to town with a concept plan to bring the power cable from their proposed offshore wind farm under their beach, boardwalk and bandstand, they had one really big question: What's in it for the town?
28 Jul 2009

Bluewater given OK for tower

Bluewater Wind says it has been given the green light to put up a testing station off the Rehoboth Beach coast, which would be the first physical manifestation of its planned offshore wind farm. Bluewater President Peter Mandelstam said Wednesday the Department of the Interior and the state of Delaware have told Bluewater it has met the requirements to construct a meteorological tower.
7 May 2009

Bluewater Wind project OK for now; Plenty of time to line up financing, experts say

The Bluewater offshore wind farm project's future remains tied to the search for an investor, and does not sink or swim with the fate of Babcock & Brown Ltd., its publicly traded parent company, the company and observers said. On Friday, bankers took control of Babcock & Brown Ltd., after investors voted down a plan to restructure the company's debt. The development further focused attention on the viability of the Bluewater Wind project here.
18 Mar 2009

Experts: Wind farm prospects look bleak

Delaware's Bluewater Wind will have a tough time raising the $1 billion it needs to build an offshore energy farm now that its principal backer has been financially crippled, experts said Monday. Investment groups that might have made a play for Bluewater in years past have disappeared or are "teetering on nationalization," said Brian Yerger, an alternative energy analyst and researcher with Jesup & Lamont Securities Corp. "The economics are going to have to work out perfectly right for somebody to come in and spend probably $1 billion plus" to build the wind farm."
10 Feb 2009

Bluewater Wind owner's financial woes threaten offshore project

The toppling of a major international investment firm left Delaware's offshore wind project in uncertain waters Sunday, although one project official said he was optimistic that the Bluewater Wind venture will survive. Babcock & Brown, an Australia-based company that owns "virtually all" of Bluewater Wind, announced Friday it had agreed to a controlled breakup and liquidation of the company, which was once worth $12 billion, with outright collapse and bankruptcy still an imminent threat. ...Babcock & Brown acquired the owners of the Delaware offshore wind project in September 2007, a deal that Bluewater said would give the the wind company the "commitment, strength, reliability and financial backing" needed to build a wind farm off Rehoboth Beach. Those assurances began cracking almost immediately as the global economic crisis took root and spread.
9 Feb 2009

Bluewater wind farm on schedule for 2012

Wind farm developer Bluewater Wind says permitting for the Delaware offshore wind park is moving ahead and the project is squarely on schedule to produce power by 2012. The size of the wind farm has yet to be determined, and Bluewater Wind says it is unclear if power will be produced beyond 2037.
26 Dec 2008

Bluewater pushes ahead

Delaware's major renewable energy project -- the Bluewater Wind offshore wind farm -- is still a go, even as credit markets tighten company officials say. That's true even given significant debt problems faced by Bluewater's Australian parent company, Babcock and Brown.
6 Dec 2008

Bluewater says wind farm deal still strong; Australian parent in financial difficulty

Continued debt problems have dragged down the stock value of Bluewater Wind's Australian parent company to around one Australian dollar a share, far from its $31.08 a share value a year ago. But leaders of Babcock & Brown said Wednesday the firm's debt issues, and the current freeze-up of global credit markets, will not derail Bluewater's plan to build a wind farm off Rehoboth Beach.
9 Oct 2008

PSC to vote on Delmarva's wind proposal

Delmarva Power's land-based wind farm contracts are scheduled to get a vote at the Public Service Commission today, and the commission staff has recommended approving a 20-year deal between Delmarva and Synergics for a maximum of 100 megawatts of power from a farm in western Maryland. The commission staff also said the PSC should approve a 15-year deal with AES for a maximum of 70 megawatts of wind power from a project in north-central Pennsylvania.
7 Oct 2008

Floating turbines offers a new approach to offshore wind power

Blue H's 328-foot-tall wind turbine is different from the offshore generators that have sparked opposition from U.S. coastal residents. Because it sits atop pontoons, this turbine can operate in water farther from shore, where winds are stronger and more reliable - and where it's not visible from land. ...Linowes said that those opposing onshore wind projects - which often are gigantic schemes spanning tens of thousands of acres - welcome proposals to place turbines out in the water. She calls current onshore turbines "dinosaurs" and says she finds Blue H's idea appealing because it shows "that we should look to new technology rather than bigger land-based turbines," she said.
21 Sep 2008

Former PSC head Frisby stresses need for more capacity

H. Russell Frisby Jr., who was chairman of the Maryland Public Service Commission from 1995 to 1998 and now represents the advocacy group Marylanders for Reliable Power, said Friday at the Maryland Association of Counties summer conference that the clock is ticking for Maryland to free up enough capacity to meet the state's growing demand, and residents need to realize that.
17 Aug 2008
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