Monday, September 22, 2008

North Haven and Vinalhaven Wind Project

"On July 28, members of the Fox Islands Electric Cooperative approved the wind power project by a vote of 383 to 5. 'It was a huge vote of confidence by the co-op in the wind power project,' said Dr. George Baker.

'We were extremely pleased,' said Chip Farrington, the co-op's interim general manager. 'It makes the project that much more exciting when you have that much support.'

As soon as the vote was held, Dr. George Baker was on the phone trying to track down turbines. 'Because turbines are in such short supply, anyone who has one only wants to sell them to people who are bona fide,' Baker said. 'All of a sudden, we're bonna fide.'

Baker had been on sabbatical from his post as a professor of the Harvard Business School, advising the co-op.

The next step is for the co-op board of directors to vote on creating a limited liability company (LLC), which would run the wind power project. This form of business organization is needed in order to finance the project, Baker said. As an LLC, the wind power project could enlist passive tax investors and would be eligible for federal tax credits that the co-op could not use, he said."
- Working Waterfront

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