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Greenlight Energy Gets Approval for Large-Scale Wind Farm in Colorado

Greenlight Energy, Inc., has received the go-ahead to build one of the largest wind farms to-date and the largest planned in Colorado. The permit allows Greenlight Energy to develop a 200-300-megawatt wind farm over 15,000 acres in rural Washington County. It would provide energy for some 90,000 homes. The Construction on the estimated $250-350 million project could begin as early as 2006 after completion of a power purchase agreement and remaining development work. “The Akron project offers many attractive features for development,” said Matt Hantzmon, Managing Director of Greenlight Energy. “The community has been very receptive, the location is ideally situated near transmission lines and the state’s renewable portfolio standards provide strong incentives for wind energy development.” Three utilities have transmission facilities in Northeastern Colorado proximate to the facility. They are: Xcel Energy, Tri-State Generation and Transmission Association and Western Area Power Administration. Colorado requires the state’s largest utilities to obtain 10 percent of their electricity from renewable energy resources by 2015. “The Greenlight Energy wind project represents a significant investment in the future of Akron and Washington County,” said Rick Kusel, president of the Washington County Economic Development Corporation. “It will boost our economy and establish the area as […]

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KLD Launches Global Climate 100 Index

In response to growing demand from institutions and individuals for investment strategies that address global warming, KLD Research & Analytics, Inc., based in Boston, Mass. has launched the Global Climate 100 Index. This is the first global index focused on solutions to climate change. The Index is made up of large and small companies that KLD expects to offer near-term solutions to global warming through renewable energy, alternative fuels, clean technology and efficiency. Says Thomas Kuh, Managing Director of KLD Indexes, industry momentum indicates strong demand for the Global Climate 100 Index. This year, the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTERS) created their Green Wave Initiative, committing $1.5 billion to investments in innovative and responsible environmental companies. The Investor Network on Climate Risk, a group of pension funds and other institutional investors, launched a program to raise awareness about the financial risks posed by climate change. “Pension funds are concerned about the financial risks associated with climate change,” said Kuh. “As fiduciaries with a long time horizon, they are looking for new strategies to integrate these factors into their investments. The Global Climate 100 looks ahead to show investors where the opportunities […]

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Western Wind to Acquire Windridge California Site

Western Wind Energy Corp.(TSXV:WND) announced it will purchase the California Windridge generating plant for $1 million. “Execution of the Windridge agreement provides Western Wind Energy entry into commercial revenue production,” the company said. Windridge has been generating electricity from 38 wind turbines since 1984. It is part of the Tehachapi wind area, the largest aggregated wind park in the world, home to almost 5,000 wind turbines. Western Wind says it intends to re-power the Windridge site using new wind turbines with the goal of increasing production output more than tenfold. The deal gives Western Wind a 100% interest in the wind turbines, electrical equipment, and the underlying fee simple land at the site in Tehachapi, California. It also includes the power contract that exists between Windridge and Southern California Edison Co., subject to approval from that company. The vendor will receive a five-year convertible debenture of about $345,000, carrying eight per cent annual interest, convertible into shares of Western Wind Energy at $1.65 per share.

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Timberland to Consolidate Caribbean Operations

The Timberland Company (NYSE: TBL) announced it plans to consolidate its Caribbean manufacturing operations. It will close its manufacturing facility in Isabela, Puerto Rico at the end of 2005 and expand manufacturing volume in its Dominican Republic facility to achieve greater operational efficiencies. Timberland will incur one-time pre-tax restructuring costs of approximately $2.5 million in the third quarter of 2005, $3.0 million in the fourth quarter of 2005 and $0.5 million in the first quarter of 2006 to cover severance, retirement enhancements, outplacement services and asset disposal costs associated with implementation of this strategy. The efficiencies of this approach are anticipated to yield cost savings of approximately $4 million in 2006, with benefits weighted toward the second half of the year, and annual cost savings of approximately $5 million in subsequent years. The Company’s tax benefit from its Puerto Rico operations under Section 30A of the Internal Revenue Code, approximating $4 million annually, expires at the end of 2005. Timberland does not anticipate an increase in its overall effective tax rate of 34.0% in 2006, however, due to expected benefits from global tax initiatives. Jeffrey B. Swartz, Timberland’s President and CEO, said “This has been a difficult decision for us, […]

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