General Electric and BC's private power gold rush
When cash-poor Finavera needed backers for its Peace River wind farms, who stepped up? First, an aging Irish tycoon cut his sweet deal, then giant GE gained the 'lions share' of profits.
by Will McMartin, TheTyee.ca
...What do a New York hedge fund run by a couple of ex-Goldman Sachs managers, a 95-year old Irish business tycoon who made his initial fortune in movie theatres, and an international conglomerate ranked in the latest Fortune 500 ratings as the fourth-biggest company in the world, have in common?
The surprising answer: Finavera Renewables Inc., the tiny company that on March 11 won an astounding four, much-valued electricity purchasing agreements (EPAs) from British Columbia's biggest Crown corporation, BC Hydro and Power Authority....
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Posted: May 21, 2010
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