Shell companies: Adage and Wiregrass Power LLC

Look through the shell companies like Adage to the real backers. Why is the source of the recent news about Adage biomass plants being cancelled the Charlotte Business Journal? Adage is "An Areva/Duke Energy advanced biopower company." And Charlotte is where Duke Energy is based.

John Downey concludes his article in the Charlotte Business Journal of 16 March 2011:

The joint venture has yet to build a biomass plant anywhere. DePonty says it is clear that Adage will not achieve the goal announced when Duke and Areva formed it to build 10 to 12 biomass plants around the country by 2013.

Seems like the biomass gold rush is fizzling.

Meanwhile, back in Valdosta, Wiregrass Power LLC, the shell company for the biomass plant, is owned by Sterling Planet, whose founder and chairman Sonny Murphy spoke at the groundbreaking for the Wiregrass Solar LLC plant, another Sterling Planet subsidiary. I'm sure Chairman Murphy is aware that his solar plant is already completed while his biomass plant still has no suppliers of raw materials, goods, or services nor buyers for its electricity. Also, the biomass plant site preparation start date is now 1 June 2011, when, if I'm not mistaken, it used to be January 2011. And at the most recent VLCIA board meeting, the only mention I heard of biomass was by a citizen who spoke against it while the VLCIA's project manager spoke at some length about the completion of the solar plant. Seems to me building out the solar plant in two directions, like VLCIA discussed at a previous board meeting, would make the most sense at this point. I guess we'll see what Chairman Murphy does.

-jsq

Comments

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