Detail, east Portland photo, courtesy Miles Hochstein / Portland Ground.



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This page contains a single entry from the blog posted on June 21, 2012 7:44 AM. The previous post in this blog was Bernancke prints up some more money. The next post in this blog is Busy New Seasons + heavy bike traffic = worry. Many more can be found on the main index page or by looking through the archives.

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Thursday, June 21, 2012

Iberdrola on the brink

It sounds as though the Spaniards are putting their U.S. wind business, based in Portland, up for sale:

Recharge indicated that Iberdrola Renewable's parent company, the Spanish utility Iberdrola SA, was looking for strategic alternatives for its U.S. business.

That usually means a takeover, which could well mean that the Portland office jobs will soon be gone. Another bad bet of taxpayers' money by the Portland Development Commission -- bad for everyone except Iberdrola's local landlord, of course.

Comments (12)

But, but, but in Feb 2012 they promised! they would be here 10 years...they promised!!!

"Mayor Adams traveled to Spain a year ago to try persuading Iberdrola to stay in Portland. He said Tuesday that the city is doing everything possible to retain the company. Asked whether incentives have been offered, Adams said he was "not willing to talk about that."
Scott Andrews, board chairman for the Portland Development Commission, said the agency remains in discussions with Iberdrola. He's confident the company's headquarters will stay in Portland. With layoffs out of the way, company officials are expected to solidify plans in a matter of weeks, he said."

Nothing to see here, move along folks.

"Iberdrola on the brink"

Oh god, the PDC loan on this is going to be the mother of all loans to keep them in town.

BTW - I can't find the article online, but isn't SolarWorld getting sued now?

Once again, like derivatives, moral hazard takes effect. When/if these companies make money we never get reimbursed, as long as they keep losing money, the govt will keep giving it to them.

Sam sure can pick 'em!

Pouring millions into the wind business, right as that business is on the verge of collapse...

That usually means a takeover

I hope CoP isn't the new owner.

I really want out of Portland. The way the people who run this place spend my hard-earned tithe to the community is growing beyond mere concern to deeply offensive and they do not deserve to have access to it.


Let me provide the 1st draft of Sam's press release:

"The Bush Recession has wrought the destruction of leading alternative energy producers like Iberdola. This outcome could not have been anticipated when PDC entered into this agreement."

Sure Sam, point fingers at someone else. And that couldn't be any easier when that person already represents the evil enemy of all things Portlandia.

Would someone please identify the "well connected local landlord"?

Nothing in the prior blog post, the current blog post, or the Zero's story linked to the prior blog post actually identifies the local landlord.

Jack -

Not so sure its JPMorganChase.

From the story you link:

"JPMorgan bought the three blocks on behalf of institutional investors -- a pension fund, endowment or other such large fund -- that the company would not disclose."

Strikes me that Chase acted as a broker and advisor, obviously collected a fee, but didn't then have any equity skin in the game. In other words, not the landlord.

I did a little more digging. Iberdola Nort America's web site lists an address of 1125 NW Couch.

Portland Maps shows a full square block office building at 1135 NW Couch.

http://www.portlandmaps.com/detail.cfm?action=Assessor&propertyid=R140650&state_id=1N1E33DA%20%204800&address_id=626249&intersection_id=&dynamic_point=0&x=7642766.408&y=684700.239&place=1135%20NW%20COUCH%20ST&city=PORTLAND&neighborhood=PEARL&seg_id=0

Drilling into the detail on the property, the site is listed on Portland Maps as 1122 NW Davis, same square block, just the Davis Street side as opposed to the couch street side.

Listed owner of the building housing Iberdola is SPF Brewery Blocks LLC, 351 NW 12th.

Oregon Sec State reports that SPF Brewery Blocks LLC is a foreign LLC, state not specified. Lists a principal place of business as c/o JP Morgan Chase Investment Advisors, 2nd Floor, 245 Park Avenue, NYC, NY. Only listed member of the LLC is "Comingled Pension Trust Fund (Strategic) of JPMorgan Chase, 245 Park Avenue, NYC NY.

http://egov.sos.state.or.us/br/pkg_web_name_srch_inq.show_detl?p_be_rsn=1259168&p_srce=BR_INQ&p_print=FALSE

Sort of brings to mind a comment by Winston Churchill: "A riddle wrapped in an enigma, wrapped in a mystery>"

"depressed energy costs"

What does that mean? Consumer power costs are down far enough that they can't make money with wind power?


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