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Court nixes 1st Wind-Emera joint venture

from Mainebiz

The Portland Press Herald reported Chief Justice Leigh Saufley decided the Maine Public Utilities Commission had wrongly interpreted the state's 2000 statute requiring utilities to operate either as power transmission companies or power generators, but not both. The deal, which has closed, involved Emera investing $333 million into the joint venture, JV Holdco, giving the transmission company a 49 percent stake in First Wind's projects. The case will return to the PUC, which the newspaper reported could order Emera to sell its stake in the joint venture or restructure it in such a way as to comply with the court's ruling. more

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