Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Shweta Sharma made a deal and sold off some of A-powers wind project in Upton county, Texas. I am not sure is this is the one, it seems to be the north of the original one, but gives an idea as to what it should have looked like, had the whole thing materialized.
https://earth.google.com/web/@31.21331093,-102.2600604,954.45216623a,2231.44396007d,35y,3.73958616h,37.83910528t,359.93799887r?utm_source=earth7&utm_campaign=vine&hl=en
A-Powers wind farm project in Texas may have been partly sold to TriGlobal, LLC (https://www.linkedin.com/company/tri-global-energy-llc?trk=public_profile_experience-item_result-card_subtitle-click) if I understand the information on Shweta Sharma´s LinkedIn page correctly:
https://www.linkedin.com/in/shwetasharma3
Seems like she is hanging in there and doing something with the cadaver A-Power left behind. The money she is making goes back to China I guess... Would be nice if A-Power could rise from the ashes, so the stock got some value again. I have written them off, but they still sit in the brokerage account doing nothing...Anyways, it is nice to see that something is going on there that we helped pay for...
From Shweta´s LinkedIn page:
CEO
Spinning Star Energy LLC
Mar 2011 – Present9 years
Spinning Star Energy is developing a 615 MW wind power project and a 355 miles transmission project in Texas with a total investment of approximately $1.3 billion. SSE is a JV created by a US private equity firm US Renewables Energy Group LLC (US-REG) and Shenyang Power Group LTD (SPG), a chinese investment firm.
• Managed 100% of previous CEO’s duties and replaced his 20 member team, managed those responsibilities singlehandedly for 6 months before building a development team; renegotiated critical contracts to provide significant savings to the company; personally negotiated one of the best tax abatement agreements with the county officials; turned around a terminal issue with an O&G operator on SSE’s wind site in SSE’s favor; personally negotiated contracts, some with very difficult counterparties (regulated, government, land owners and private entities), in SSE’s favor
• Fully developed and sold 175MW wind project to the 4th largest wind developer in the country Tri Global Energy LLC. During this time generated significant interest and bids from Southern Company, Calpine and several other large IPPs in the country
• Developed a large contact base of IPPs, utilities and financial institutions via cold calling and reestablishing previous connections for marketing deal pipeline, originating investments, originating power sales, negotiating PPAs and other critical contracts
• Brought approximately $150 million financing from US and Chinese investor advance stages of closing (financing ultimately did not close)
• Significantly more involvement in legal, operations, engineering, design and onsite activities than usual for a CEO
Spinning Star Energy is developing a 615 MW wind power project and a 355 miles transmission project in Texas with a total investment of approximately $1.3 billion. SSE is a JV created by a US private equity firm US Renewables Energy Group LLC (US-REG) and Shenyang Power Group LTD (SPG), a chinese investment firm.
• Managed 100% of previous CEO’s duties and replaced his 20 member team, managed those responsibilities singlehandedly for 6 months before building a development team; renegotiated critical contracts to provide significant savings to the company; personally negotiated one of the best tax abatement agreements with the county officials; turned around a terminal issue with an O&G operator on SSE’s wind site in SSE’s favor; personally negotiated contracts, some with very difficult counterparties (regulated, government, land owners and private entities), in SSE’s favor
• Fully developed and sold 175MW wind project to the 4th largest wind developer in the country Tri Global Energy LLC. During this time generated significant interest and bids from Southern Company, Calpine and several other large IPPs in the country
• Developed a large contact base of IPPs, utilities and financial institutions via cold calling and reestablishing previous connections for marketing deal pipeline, originating investments, originating power sales, negotiating PPAs and other critical contracts
• Brought approximately $150 million financing from US and Chinese investor advance stages of closing (financing ultimately did not close)
• Significantly more involvement in legal, operations, engineering, design and onsite activities than usual for a CEO
Tri Global Energy, LLC
Project Manager/Consultant
Tri Global Energy, LLC
Feb 2019 – Present1 year 1 month
SSE fully developed and marketed sale of 175MW wind project in Upton County TX in 2018/2019. During this time bids were received from some of the largest IPPs in the US like Southern Power Company, Calpine etc. SSE accepted Tri Global Energy, LLC’s bid and executed a sale agreement in Feb 2019. As part of the sale agreement Ms. Sharma has been contracted to lead residual development and construction.
SSE fully developed and marketed sale of 175MW wind project in Upton County TX in 2018/2019. During this time bids were received from some of the largest IPPs in the US like Southern Power Company, Calpine etc. SSE accepted Tri Global Energy, LLC’s bid and executed a sale agreement in Feb 2019. As part of the sale agreement Ms. Sharma has been contracted to lead residual development and construction.
I don´t know if anyone follows this stock anymore, but here is some news...
The wind turbines in Houston have been inspected and found good to use. Inspection document pdf here:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=16&ved=2ahUKEwiH5_jGp_DnAhVJ2qwKHbAYC0s4ChAWMAV6BAgBEAE&url=https%3A%2F%2Fwind-turbine.com%2Fdownload%2F98184%2Fw1205s058005repo304w2e0011eninspectionreportw2ew93houstonport.pdf&usg=AOvVaw2RfaElZEmez-_oXxJjL9Mq
There seems to be a bit of life left in Spinning Star still, at least about a year ago...
https://law.justia.com/cases/texas/first-court-of-appeals/2018/01-17-00022-cv.html
Those wind mills belong to the shareholders of A-Power as far as I can see. Wonder if the Spinning Star project ever will come alive again in Texas. Somebody seems to still work on it. Or did in that court battle at least. What a saga...
13 bids on our wind generators...
https://www.salvex.com/listings/listing_detail.cfm?aucID=182979498
Will go for scrap value probably.
Well, it seems Mr Lu´s investment in Japanese solar panels has reemerged as an electrical, air conditioning, ventilation company. I wonder if A-Power still owns it...
https://www.evatech.co.jp/
These investors are in for a possible rip off. As a former employee of A-power I would not trust this guy.
https://globenewswire.com/news-release/2018/04/26/1488094/0/en/ChinaCache-Appoints-Guangsheng-Meng-as-Chief-Financial-Officer.html
"Prior to joining ChinaCache, Mr. Meng served as Chief Financial Officer at China Gerui Advance Materials Group Limited from October 2009 to September 2017. Throughout his career Mr. Meng has held senior leadership and Chief Financial Officer roles at various companies, including A-Power Energy Generation Systems Ltd., Terex (China) Ltd., Shell (China) Ltd. and Koch Materials (China) Company (a subsidiary of Koch Industries Inc.). Mr. Meng received his master’s degree in business administration with a concentration in finance from Georgetown University and is a Certified Public Accountant. Mr. Meng is bilingual in Mandarin Chinese and English. "
Small chance, Dingo, but I have not given up completely. Lost way too much money.
The Spinning Star web site is back up again, it was down for a
while. Don't know what the purpose of that is...
The factory in China is still standing and there is some activity still, judging by satellite photos. If things starts moving again at a serious pace, I want some of my losses back.
Don't know if the wind mills in Houston harbor ever sold, the Google Earth data is a little old, but if they sold - who got the dollars? And why not us in that case?
Here is a nice pic of the A-Power wind mills that have been sitting in the Houston harbor for many years now. Google Earth has become pretty amazing....
https://ibb.co/cPRxaw
Hope the link works...
Just a mention of A-Power about halfway down in this article about the history of US wind politics.
http://prospect.org/article/tilting-windmills
Thanks, Dingo!
Maybe that will be the way I go too then.
NBGGY vs. NBGIF. I have not been watching this stock for a long time, but I have a few NBGGY in the account. They got diluted into oblivion. As the bank is recovering I would like to buy more of it, but can't figure out the difference between the two tickers. A short explanation would be much appreciated?
Mr Lu is a sly fish. Somehow I think he is doing stuff in the dark still. The Shenyang Lucky Wind factory is still standing, and has been added to, according to Google satellite images. Some kind of activity is going on there it seems...
If it wasn't for the GE court order that blocks the company from doing anything, maybe they would be in business somehow. As for now, they seem to stay under the radar.
I would like to realize the loss in the stocks, but how do I dump them? Can't sell them...
The wind generators that A-power shipped to USA, and that have been sitting in Houston harbor since 2011 are for sale (maybe sold already?).
Shweta Sharma has posted a link to an ad on her LinkeIn page. The link to her post is:
https://www.linkedin.com/feed/update/urn:li:activity:6263787363260989440/
Her ad text:
Shweta Sharma CEO Spinning Star Energy LLC 2w
SALE - Wind Turbines Generators: (12) never used, never installed 2011 Wind to Energy GmbH (W2E) model W93 variable-pitch, variable-speed wind turbines are immediately available for sale. Each turbine has a rated power capacity of 2.05-MW, for a combined rated capacity of 24.6-MW, and design type class IEC 6100-1, Class 2A. The W2E team was formerly a part of Nordex.
These WTGs were PTC/ITC qualified in 2011 which could possibly still be qualified. Our investors/co-developers plan to use their own PTC qualified turbines.
The turbines for sale can be seen here:
https://www.hilcoind.com/sale/windturbines/item/136590_W2E_(Wind_to_Energy)_W93_Wind_Turbine
There are quite a few photos of the rusting equipment under the Asset Details tab...
Full sales text below:
Sale Details
(12) never used, never installed 2011 Wind to Energy GmbH (W2E) model W93 variable-pitch, variable-speed wind turbines are immediately available for sale. Each turbine has a rated power capacity of 2.05-MW, for a combined rated capacity of 24.6-MW, and design type class IEC 6100-1, Class 2A. The W2E team was formerly a part of Nordex - a large wind turbine technology provider and manufacturer. Assembly of the turbines was verified and certified by Bureau Veritas. Created in 1828, Bureau Veritas is a world leader in conformity assessment and certification services. 52,000 employees, 940 offices and 340 laboratories in 140 countries, 400,000 clients, 8 global businesses with leadership positions, 2011 revenue: €3.4 billion. Bureau Veritas is listed on the Euronext Paris stock exchange (Compartment A, code ISIN FR 0006174348, stock symbol: BVI).
W2E is an established wind turbine design house and technology provider. There are over [200] W93 wind turbines operating around the world with 96.7% availability factor (higher than average including Siemens, GE etc). Seven different suppliers provided the major components for the W2E turbines and assembly was performed by Shenyan, a subsidiary of A-Power.
All the major components of W93 have been manufactured by large, well established, experienced manufacturers:
Rotor Blades - Windnovation
Gearbox & Generator - Winergy
Main & Pitch Bearings - Rothe Erde
Brake & Yaw Brake - Svendborg
Converter – Converteam (Subsidiary of GE)
Pitch Gear & Yaw Drive - Bonfiglioli
Controller - Mita-Teknik
One tower has been manufactured for these turbines. Seller is motivated to include this tower as an added bonus at no cost to the buyer with the purchase of turbines however this will depend on number of turbines purchased by the buyer. Buyer will also be provided with technical support from W2E for design, manufacture, and construct of rest of the 11 towers. These wind turbine towers are needed before these wind turbines can be placed into commercial operation. W2E is also willing, interested and available to provide technical support for W93 as and when needed by the buyer. Buyer will be put directly in touch with relevant parties and any additional costs to acquire those services can be discussed directly with those entities/persons.
I see. Thanks for the answer, Dingo! So in the future, should Mr. Lu show up somewhere, he will be asked to pay up. GE will have a hard time getting that money I guess. Can they take over the plant in Shenyang, as a payment I wonder? The Chinese probably won't let them do that. The plant is a state secret perhaps... :)
Anybody understand the latest development? What does "default" mean in this case?
----
A-Power Near Default As GE Affiliate Seeks To Collect $476M
By Pete Brush
Law360, New York (March 2, 2016, 5:17 PM ET) -- A Chinese affiliate of General Electric Co. appeared poised Tuesday to win a default judgment in New York federal court against A-Power Energy Generation Systems Ltd. in its effort to collect on a 2012 arbitration award now worth $476 million lodged in Hong Kong against the Shenyang-based company and CEO Jinxiang Lu.
U.S. District Judge Paul A. Engelmayer suggested in Manhattan court he soon would order a default judgment against A-Power and its related entities as GE Transportation (Shenyang) Co. Ltd. seeks to collect on the $360 million award and ballooning interest. The outstanding balance led to a $476 million asset freeze last year.
A federal court judgment could help GE Transportation chase down the money it is owed under the nonappealable foreign award. Judge Engelmayer noted that only $9,000 was captured in the asset freeze.
The litigation comes after GE Transportation sought to enforce a 2009 agreement with A-Power subsidiary Lucky Wind to buy turbine gearboxes at fixed prices over a three-year period.
GE Transportation hit A-Power with notice of arbitration in Hong Kong in 2011, and the Hong Kong International Arbitration Centre Tribunal issued its $360 million award in August 2012. A-Power failed to pay and Lu was later found guilty of contempt, GE Transportation says.
GE Transportation is issuing subpoenas in its effort to track down additional A-Power asserts, its counsel Joseph L. Clasen of Robinson & Cole LLP told Judge Engelmayer.
A-Power has been a no-show in court.
Separately, Judge Engelmayer said he was likely to hold off on issuing a default judgment against a respondent called Asia New Energy Group Ltd. GE Transportation says Lu controls that company, but the judge appeared concerned about whether Asia New Energy had properly been served.
Judge Engelmayer issued an asset freeze against Asia New Energy last year as well in the amount of 54 million Japanese yen. As of Tuesday that was roughly $500,000.
GE Transportation is represented by Joseph L. Clasen and Gregory J. Bennici of Robinson & Cole LLP.
The case is GE Transportation v. A-Power, case number 1:15-cv-06194, in the U.S. District Court for the Southern District of New York.
--Editing by Brian Baresch.
The other developments in Texas seem legit. The name A-Power is probably dead though. Maybe the business will reemerge as Shenyang Lucky Wind or something...
E-mail conversation with Benjamin, the self proclaimed employee of A-Power. He is just a web designer marketing himself in a pretty weird way.
My first e-mail to him:
Hi Benjamin!
I have seen the press release for A-power:
http://www.digitaljournal.com/pr/2761592
The company has been totally silent for years - no info, no web site updates, no nothing - so I am thrilled to see the company shows signs of life again. I wonder what your position is and what you have to say about the state of the company. According to the press release it is now said to be a business in Woolmere Green, United Kingdom. Can you specify what kind of activities are taking place there? Any kind of info much appreciated!
His reply:
Thank you for your email. I actually don't have any information
about the company A-power Energy. The domain http://www.apowerenergy.com/ was up for sale and I bought it. I don't have any association with the company at all. Since their domain was up for sale I don't think they are active.
Best Regards
Benjamin
Me again:
Hi Benjamin,
Thank you very much for your reply!
I much say I am very puzzled by your comments. The reason I found
the web site in the first place, is the press release. According to the text you are a representative of A-Power, you reside at an address in Britain, and have a whole bunch to say about the company. Doesn't make any sense. Have you done all this just to sell back the domain name to the company, or to become their web designer, or what??? I am fine with whatever reason you give, I just want to know the truth. Would appreciate your comment.
And have a Good Christmas, we are almost there.
His reply:
I understand that it's a bit confusing. Without going into too much details, this whole setup with the domain, press release etc is a online marketing strategy that I use for my own business so it actually has nothing do to with A-power.
I have no contact or any information about A-power at all. I just
purchased the domain and published a made up press release about it basically. To my knowledge A-power is not operating anymore.
I hope that makes sense.
Best Regards
Benjamin
My final response:
Benjamin,
thank you for clearing that up!
Good luck with you marketing! If somebody from A-power should contact you, would you please let me know! I am very interested in the goings on in this company as I have lost quite a bit of money thanks to fraud on their part.
Greetings, and have a good the rest of the year!
Good finds Dingo.
Three new deeds for Shenyang Lucky Wind in Texas this year. Perhaps they finally will erect the turbines Mr Lu shipped over years ago. I think it was only two on that occasion, but maybe more is coming. Perhaps the old dragon is going to come alive again.
I wonder if they have widened one of the factory buildings to be able to manufacture turbine blades on site, why make it so big otherwise?
Since the old wind turbines, that have been sitting outside for years, are still there in the yard, it seems APWR still owns the facility.
Who knows, Mr Lu lost a lot of face during his adventure over on the US wind market, and perhaps he is ready for a come back. He was always a man of great visions. Too great.
Perhaps the Spinning Star wind farm could have happened had not that penny-pinching Rep.Chuck Schumer become involved. Saw him on the Dayily Show some time back, he was in a restaurant and talked about how he diluted his orange juice to make it go farther. He is such a Scrooge. He saved stimulus money for the government, but killed a wind farm that could have provided much needed green energy.
This the episode I think:
http://www.cc.com/video-clips/ak7kpr/the-daily-show-with-jon-stewart-inside-chuck-schumer
You have to love the new APWR web site, particularly the thank you note on this page: http://www.apowerenergy.com/news/
(see bottom left)
"Thanks to our Partner
Thank you to GamblingMetropolis for supporting our efforts for a greener enviroment. GamblingMetropolis is an online casino guide in the UK and Australia. They are one of our most generous partners who have been working with us to stop polution and generating new solutions for a better and cleaner environment. Read more."
Mr Lu must have done some casino gambling while in jail. Or the guy who designed the web site sneaked in some advertising for himself while he was at it. Or Mr Lu did a barter deal with him...
If this wasn't such a sad story I would laugh at it...
I sent an e-mail to the guy named in the press release, Benjamin Hall, at address hbenjamin667@gmail.com
I doubt I will get a reply.
I did a quick Google search of the supposed address of the APWR company in England:
74 Redcliffe Way Woolmere Green, B60 6L, United Kingdom
Two separate "74 Redcliffe Way" exist in the UK, but not in conjunction with "Woolmere Green", which is in another part of the UK. The zip B60 6L does not lead anywhere either, as it is located in yet another part of the UK - if it is a proper zip code.
Seems like a random compilation of mail address. Perhaps Mr Lu threw darts at a map of England...
Wow, the zombie walks again!
I wonder what the plan is for APWR to relaunch the web site? Is somebody going to contact the web design company and ask them?
Is Mr Lu pretending he is in business still, so he can get access to his frozen assets?
Interesting that the assets of the company have been frozen. Makes me feel good that the Chinese authorities actually are going after Mr Lu, and not just letting him get away with his ill gotten gains.
Maybe it is time for me to send a letter to China Securities Regulatory Commission and state my claims to some of those assets - I have lost about $160,000 on this scam.
http://www.csrc.gov.cn/pub/csrc_en/about/
Thanks for all your good work guys!
Took a look at "Shenyang Lucky Wind Power" using Google Earth.
There is an updated aerial view of the factory area. They seem to have done some repaving work between the buildings lately.
The same old unsold wind power equipment, that has been sitting on the ground for years, is still there, but now some of that land is also used to deposit fill from the surrounding construction sites it seems. The repaving work is cosmetic so far. Perhaps they will invite some new investors to have a look at the factory - ha ha ha! Or perhaps Mr Lu is putting the property on the market and thinks the curb appeal needs improving.
Any thoughts...?
www.apowerenergy.com is alive again. The "Server not found" message is gone. Somebody probably just registered the domain for something completely different... but perhaps not...
Any little bit is good news...
I cant find the old A-power site, but this one is up still:
http://www.lngkny.com/english/index.asp
Some good news finally! This is from the Yahoo APWR board:
To all the APWR shareholders
Dear APWR shareholders,
As you may know, China is asking the US to seize assets of corrupt Chinese officials in the US. A petition has been created for getting Chinese government to use the money seized to buy-out shareholders of those US-listed Chinese companies that have either been revoked or been dark for two or more years. I would encourage all the shareholders to sign the petition at:
https://www.change.org/p/us-commerce-department-us-state-department-implement-the-proposal-with-the-chinese-government-to-resolve-the-us-listed-chinese-companies-stock-scandal-please-sign-the-petition?recruiter=181562446&utm_campaign=mailto_link&utm_medium=email&utm_source=share_petition
This will help all the shareholders. As you can see from the proposal, Chinese government will send a letter to the managements of all those companies (including APWR) that they will need to file all the financial reports to comply with US securities laws within 3 months or offer buy-out at a fair price not lower than 70% of the book values.
Check out the petition and sign it!
Thanks, Dingo!
The fact that Shweta was working on an application as late as June 2014 gives me a lot of hope. Thanks again.
I stayed out of the class action suit. That way I can sue them on my own in the future, should I wish to... Or together with other ripped off people...
She has a most beautiful smile! I hope she doesn't abandon us!
Thanks Dingo! Great map!
Really appreciate your job on this one, very instructive and easy to understand. Maybe the Spinning Star project has a chance to become a reality with all the new transmission lines in place.
Hopefully A-power is still part of the SS plan! If Mr. Lu hasn't screwed everything up with his company transactions, and if the plant in Shenyang can come off mothballs and go on-line again, perhaps we can see some of our hopes come true.
Thanks again, Dingo!
New power line in UT land.
I think it was dingo who supplied this overview of the Spinning Star project:
https://maps.google.com/maps/ms?msid=212347642467820251332.0004c988cec4383b88d5c&msa=0&ll=31.123497,-101.797256&spn=0.543132,0.607681&dg=feature
The Google map has been updated and one can now see a brand new power line being built through the southern part of the UT land area. It is interesting in my opinion, and fun to see some movement on the ground...
Mr. Lu was way ahead time wise when he wanted to build a wind farm here years ago! It is not until now that the farm actually could be hooked up to the grid...
Lu's network of companies looks like a spider web. All hiding funds from - shareholders?, Chinese IRS?, US IRS? It is like a thriller movie, full of paranoia and shady business. With the communist party not wanting the elite to flash cash, it has become a Chinese habit to hide money in little obscure places. Lu is in good company it seems.
As far as I know GE never delivered any gearboxes, so I can't imagine they will be compensated for the full value of a product they never made. A fine for breach of contract, yes, but within reason. Why would a HK judge award GE 360 million, it seems very unlikely...
Great compilation, Dingo! Thanks a lot.
Seems like the remaining fairly few turbines that are not renewed might get renewed as well - would make sense somehow.
Thanks Board!
Good to read the news!
Gives me some hope.
Thanks for info!
One more nail in the coffin I guess. The Spinning Star project seems more or less dead now, with their web site being down as well... Everybody involved just disappear quietly - no news, no press releases, no regard for investors. Sadly disrespectful people.
CREZ lines finally done in Texas, and now it seems the Spinning Star project is winding down. Such bad timing...
http://www.star-telegram.com/2013/10/19/5258370/states-7-billion-wind-power-project.html?rh=1
Chinese wind companies gloomy times:
http://china-wire.org/?p=26312
Spinning Star website is down...