Windflow Technology

Another green energy company about to collapse?

Green energy companies around the world are dogs, mostly they require the industry they are in or themselves to be heavily subsidised by the government.

In the US there have been spectacular failures like Solyndra, which had the backing of President Obama.

Here in New Zealand another green energy company is failing, and this one had, or still has former Green co-leader Jeanette Fitzsimons as a shareholder…which in and of itself is interesting because she was front and centre in axing a water project int eh South Island and pushed instead wind technology…which she held shares in.

The auditor of New Zealand’s only turbine maker Windflow Technology says it has not received enough information from the company to form a view on whether it is a going concern.

Auditors from accountancy firm KPMG said in Windflow’s annual report 2014 that there were “multiple uncertainties” for the Christchurch company in the future.

And there was a limit to obtaining audit evidence about the outcome of future events.

But as far as it appeared from the examination of Windflow’s records, proper accounting records had been kept, KPMG said

Windflow’s directors continue to prepare accounts on a going concern basis but acknowledge “a significant element of uncertainty” over the company’s future in the annual report. ? Read more »

Windpower sucks cash too

Windmills were abandoned in England over the late 1800s as the world progressed and developed better technologies, most windmills have been cleverly converted into the sort of homes you see on Grand Designs.

I wonder what they are going to do with all the obsolete bird slaughtering windmills when the taxpaying public finally put a halt to the massive subsidies the renewal industries receive.

Ironically the nasty stuff that is used to manufacture these noise polluting monstrosities are so toxic it means they will have to shipped for disassembly to a place with questionable labour standards.

Windflow Technology has posted a $2.8 million half-year loss.

This is almost 50 per cent higher than the previous half-year loss of $1.9m. ? Read more »

Green wind bludgers seeking more cash

The shining light of the smart green economy that has been going for a decade and never made a cent is going back to its shareholders for yet another capital injection.

Struggling Christchurch wind turbine-maker Windflow Technology plans to raise about $3.43 million and is pressing on with the installation of turbines in Britain.

It has proposed a pro-rata renounceable rights issue to existing shareholders to help fund its plans.

Windflow Technology also says it has proposed a “shortfall placement” agreement with expatriate New Zealander David Iles, who has already offered more than one lifeline to the company.

In a statement issued through the NZAX, Windflow Technology said it wanted shareholders to subscribe for one new redeemable convertible preference share for every three ordinary shares they already held.

 

I understand the Greens super scheme is a shareholder, Jeanette Fitzsimons certainly was a shareholder when she was pushing for Wind farms when an MP…until I busted her. ? Read more »

Wind Farms are Noise Pollution

? Stuff.co.nz

Quite apart from junking up the landscape and polluting visually, wind farms also have been found to create excessive noise pollution:

Residents complaining the nearby Te Rere Hau Wind Farm is too noisy have been vindicated, with the Environment Court ruling the farm owner breached its resource consent.

Noise predictions supplied by NZ Windfarms were wrong.

In a potentially precedent-setting decision released yesterday, the court ruled the noise effects on residents were “considerably greater” than those predicted in the resource consent application.

This put the 97-turbine wind farm on the Tararua Range in breach of its resource consent to such an extent that Palmerston North City Council could now choose to review its noise consent conditions.

Bob Stewart lives on Pahiatua Track near the wind farm and said he was pleased the court had recognised residents’ concerns.

“What we were hit with in terms of noise was quite different to what the application said it would be,” Mr Stewart said.

“It’s vindicated the residents’ concerns. It’s some comfort to know we’re not just a bunch of complainers with no grounds [to complain on].”

Mr Stewart said the ruling had made it clear assessments of the effects on the environment produced by those wanting consent for wind farms “needed to be accurate”.

“Hopefully it will be a wake-up call to other applicants that have to get it correct.”

The city council gave NZ Windfarms resource consent for Te Rere Hau in 2005. An extension was later granted.

Since its construction the wind farm has been the source of hundreds of noise complaints by neighbouring residents. That led the council to ask the Environment Court last year whether Te Rere Hau was operating within its resource consent.

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