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Posts Tagged ‘BAIF Granite Holdings’

The Department of Energy announced last week its 80% guarantee for a $168.9 million loan for Granite Reliable Power Wind Project in New Hampshire.  The joint venture is 75% owned by a firm created by a Canadian subsidiary of Brookfield Asset Management of New York,  Brookfield Renewable Power Fund.

Why would a subsidiary of a (very) profitable company that’s backed by a $2.7 billion private fund need federal loan guarantees?  The New Hampshire Union Leader asks:

Granite Reliable’s wind farm is not proven, and Granite Reliable is a limited liability company, which provides broad investor protection if the company goes down. If the wind farm flops, and investors cut their losses, the taxpayers stand to lose $135 million. What is the justification for risking $135 million in public money, especially on a company with access to so much private cash?

By the way, another subsidiary of Brookfield Asset Management, Brookfield Office Properties, is the owner of One Liberty Plaza in New York, along with the adjacent Zuccotti Park (unofficial home of Occupy Wall Street).

And as Business Insider reports, Mayor Michael Bloomberg’s longtime domestic partner Diana Taylor is on the Board of Directors at Brookfield Office Properties along with John E. Zuccotti himself.

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