Infigen Imploding: Puts US Wind Farms On the Market in Last-Ditch Attempt to Balance its Books

STOP THESE THINGS

turbine-collapse-germany1 The wind industry: not quite as robust as originally thought.

Infigen is an all-wind-power-outfit that used to be called Babcock and Brown, which collapsed in spectacular fashion back in 2009: the way things are headed, get set for a replay.

Infigen is bleeding cash (it backed up a $55 million loss in 2011/12 with an $80 million loss in 2012/13 and keeps losing money, booking a $9 million loss last financial year). It scrambled to get development approvals for all of its Australian projects so they could be flogged off ASAP, and the cash used to ward off the receiver. But, no luck: in the current climate, its chances of finding buyers are slimmer than a German supermodel.

During its first incarnation as Babcock and Brown, these boys fleeced investors and creditors to the tune of something like $10 billion (while its directors pocketed – and somehow managed to retain…

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