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Partners take over bankrupt Kenetech's Tarifa members
1 April 1997
Kenetech's partners in the 30 MW wind farm it built almost two years ago in Tarifa have bought the company's 4% share in the plant. The partners divided up the share proportionately: Louisville Gas & Electricity (45.2%), Alabe (23.4%), Torreal (23.4%) and the Sevillana power company (8%). Kenetech, which filed for bankruptcy ten months ago, relinquished its share in the ESP 7.5 billion wind plant for a nominal ESP 45 million, according to the Spanish economic newspaper Expansion. The newspaper says Kenetech's bankruptcy caused the rest of the companies involved in the project major headaches because bankers had conditioned loans to Kenetech's long term involvement. Also, a series of technical problems that arose once the project came on line cut the nominal 30 MW output by 25% and the problems -- which required a financial injection of ESP 250 million -- were not resolved until more than a year later in October 1996. According to Expansion, however, the wind plant, the first built in Spain without public subsidy, is now meeting payments and the turnover for 1996 hit ESP 1034 million, over double that of 1995.
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