What a proud day for Kalifornia! What a happy day for Amerika! And Goldman
Sachs, the Vampire Squid, laughs all the way to the bank! Man, did they steamroll the opposition or what? The opponents of this brass knuckled power
grab by the Wall Street Wonders, they thought that they had this bill bottled
up in the committee, next thing they know it is passed on the floor of the Assembly, soon to be signed by the retread Governor Jerry
will crush my opponents” Brown.
So what is AB 1073 and why was it so important that it die in committee? This
bill authored by Assemblyman Felipe Fuentes – Democrat from Sylmar, and drafted as an emergency bill, was designed to allow the former Tessera Calico Solar Project, now the K Road Power or K Road Solar Project, K Road having bought the rights from Tessera in a bankruptcy fire sale, and converting the project from Stirling engine over to photovoltaic solar technology, to bypass local government environmental review and to head straight to the California Energy Committee for permitting.
Note by calling it an emergency bill, it will send the project directly to the CEC
for the marsupial like expected rubber stamp permit, instead of being forced
to having the re-permitting hearings required by the prior SB 226, if the project
had been challenged in court, like this one was already. So now instead of being at the mercy of the county and other agencies which might consider the
more damaging aspects of the new pv technology as it relates to the environment, all they will have to worry about are their “kept bureaucrats” in Sacramento, rubber stamps in hand.
Now what in the world does Goldman Sachs have to do with this project and
with K Road Whatever the Hell their name is? Go here to read all the details.
Or just stick around here and I will translate the industry jargon into plain English for you.
This William Kriegel, founder of K Road, built a company and sold it for 5 Billion Dollars, that was in hydroelectric and renewable projects, and then he started K Road, which does solar. Then he brought in the money man, Gerrit Nicholas, from Goldman Sachs, who spent years there working the magic of derivatives and other sophisticated financial instruments, on behalf of renewable energy- he is the managing partner, and the link to Goldman Sachs. He is pretty good at bottom feeding evidently judging by the acquisition of the Calico Solar project; time will tell if he will be able to sell this pig in a poke.
The other money man is the main financial officer, Carl Weatherley-White, another financial genius brought over from Barclays Capital, another player I am sure in the energy renewables derivatives market and in financing renewable energy projects.
Those of us who followed this project from the stirling engine days were shocked when this K Road Power LLC or whatever the name is, swooped in and bought up the failed project. Nobody knew much about them, but once
the word got out that it is made up of a lot of Goldman Sachs folks, we knew
that somebody was about to get a good screwing. I figured the taxpayers and
the environmentalists would get screwed, after all, look who they are up against- Goldman and Company.
Boss Tweed above, the go to guy for the Democratic Tammany Hall in New York in 1870.
Just when you think that you have got your hands wrapped around the problem, it is just like “Whack a mole,” and another one pops up somewhere else. If I might give a little, and trust me when I say this, unsolicited advice
to those groups and individuals fighting on behalf of Pisgah against the likes
of K Road and other developers, whatever problems you thought you had, are
nothing, you can cut off one Goldman tentacle and another two will pop up.
These guys are ruthless, as this little power play clearly shows, rumors abound that they have toppled governments after all; and they play to win.
You thought BrightSource was a formidable foe, you ain’t seen nothing yet. Just who do you think is the most politically connected investment banking firm
with our “Renewable Energy Leader” President Obama? Which firm keeps showing up at White House events and which firm keeps donating to the re-election campaign? Which investment banker led the TARP program? Does the name Paulson ring any bells? Which investment banking firm sensing an
opportunity to swoop in and buy low and then sell high with taxpayer help most likely, picked up a solar prospect, one with absolutely no power purchase
agreements in place- and judging by results so far, will probably end up making a killing in this solar and wind desert land rush?
If you guessed Goldman Sachs, you win the prize. Go back and re- read that
biography link page I referenced earlier- these ain’t lightweights here. They are serious players, out to win, to wipe out the opposition, and any collateral
damage that ensues, such as to bighorn sheep herds, or desert tortoises, or
the BNSF rail crews that may be blinded by all those mirrors in the desert,
too f---ing bad, tough luck dude! Get yourself a tin cup to go with the sunglasses and head to the street corner, and start rustling up the spare change- that’s the Pisgah area’s future, and our future soon, if we don’t come
up with some “out of the box” thinking to deal with this “Vampire Squid” and its
allies, in government and out in the real world.
That’s my take out on the Backporch, yours may differ. We won’t know until you
tell us about it. We look forward to hearing from you, in comments or email.
Here are links read by me that may have been used in the writing of this post.