"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Tuesday, February 17, 2009

Dutch / Belgian sustainable energy supply projects struggle for finance and bankruptcies loom

Econcern is the holding company of Ecofys, Evelop, Ecostream, OneCarbon and Ecoventures. The mission of these European companies is to ensure ‘a sustainable energy supply for everyone’.

Based in Utrecht Econcern and founded by A va Wijk (now with 1,400 staff) the company objective is ... “a sustainable energy supply for everyone”.

Rising oil / gas prics,inceased energy security concerns in Europe and the former Soviet republics with the growing realisation that fossil fuels economy cannot continue forever, has been good for rapidly gwing Econcern . In 2007 the company made a profit of €85.9 Mn on a turnover of €442 Mn and looking for a stock market listing - and more expansion.

Projcts underway fall off Credit Cliff

Profits began to evaporate in September and van Wijk expects a loss making year and some infrastructure projects are delayed. For example the Belwind, an €850 Mn offshore park 50 kilometers off the Belgian coast at Bligh Bank a total of 330 MW using 110 Vestas V90 3-MW turbines, designed to produce 1.2 TWh of electricity on an annual basis. . Construction has been delayed/ stopped (?). The ultiate financiers, Belgian bank Dexia and Dutch Rabobank, have pulled out and no new lead partnes can be found. KPMG Tax & Legal Advisers burg. C.V.B.A.: Created the business model of Belwind N.V.

Alex Oostvogel, financial director of Emergya Wind Technologies (EWT), a Dutch manufacturer of wind turbines. “Banks are more cautious. They have tightened their credit criteria and examine a new growth sector more critically.” The development of the sector has been rought to a grinding halt. Oostvogel says “It feels like we are suddenly cycling in sand.”

Emergya uses their proprietary direct drive turbine which provides a long-lasting slow rotating EWT-design multi-pole ring generator. This drive solution with a track record of over 200 operational units worldwide, replaces a complex high-speed geared drive train common in most competitor wind turbines. A large single main bearing carries both the rotor assembly and generator rotor, and reduces the number of rotating components

Ad van Wijk of Econcern has a gloomy view and says that if the ash crisis lasts 2 years, bankruptciesloom he predicts. Van Wijk informed his own personnel that downsizing is unavoidable at Econcern.

The Utrecht based DE Koepel foundation (Stichting) , an association of sustainable energy companies is naturally seeking some help for their members and advocates for a lower VAT tariff on energy-efficient construction. They also demand , consumers and companies must be able to deduct the investments from income and corporate tax. (HoHoHo.) Both the provision of credit and the requirement of sustainability must be secure they say looking through rose tinted glasses.

O'Bombers stability pork Barrel Bill - fed funds will oust Bank financing

The 1100 page Bill grudgingly approved by what they comically call lawmakers in theUS Press, includes one measure that will allow renewable energy developers to seek grants directly from the federal government. The wind and solar energy sector in the US is suffering as tax breaks used by banks, which used to be a primary source of financing ae eing discarded as they become averse to cean energy risks and their current nugatory rewards.

1 comment:

Anonymous said...

"Special Reports on the trial of President Saddam Hussein
Dr. Curtis F.J. Doebbler, member of the Legal Team representing Saddam Hussein"...


(C) Very Seriously Disorganised Criminals 2002/3/4/5/6/7/8/9 - copy anything you wish