Another suit levied against wind farm
A citizens' group opposed to a wind farm in Lincoln has filed another lawsuit against developer First Wind, alleging the company is violating its state permit by failing to prove it has the funds to finish the project.
The Friends of Lincoln Lakes filed a petition for review with the Maine Supreme Judicial Court, claiming Boston-based First Wind has not shown it has the financial means to finish the $150 million, 40-turbine wind farm already under construction on Rollins Mountain, according to the Maine Public Broadcasting Network. The suit also alleges that the Department of Environmental Protection, which approved the wind farm in April 2009, did not adequately analyze the company's financial information. First Wind spokesman John Lamontagne told MPBN the suit "is without any merit." Friends of Lincoln Lakes has lost a number of lawsuits and appeals seeking to bar construction of the project.
First Wind recently canceled its plans for an initial public offering after failing to attract a high enough share price from investors. The company had hoped to raise up to $312 million by selling 12 million shares for $24-$26 each, but dropped the price before canceling the IPO altogether. At that time, Lamontagne told the Portland Press Herald the company had not yet arranged financing for the Lincoln wind farm, scheduled to be completed in the spring.
Go to the article from MPBN >>
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