Cielo and US-REG are/have joined together as partners in US-REG Wind - percentage split unknown - but even if 50/50 that means that while the US-REG/Cielo partnership has the controlling interest in the new JV at 51%, it is the SPG as a single entity interest that owns the most at 49%.

In essence, this just means that if by some stretch Cielo wants to walk or US-REG wants to walk (away from "their" own separate partnership) than either can seek out someone else to put in the remaining 25.5% of the JV. (= 20+m?).

Per the JV framework, Cielo Wind (a separate entity legally from the JV) will or may be used as a sub by Laoining Hi-Tech (Goake) (also a separate entity legally from the JV) under their contract for construction work.

Not only do I highly doubt Cielo is going to walk away from getting the subcontract, they're not going to walk away from the Wind Farm and its revenues as part owner of the JV. But, again, if they were to elect to do so, far far easier for SPG and US-REG to "find" another partner to join in and replace Cielo.

As we've pretty much figured out, Cielo either on their own or on behalf of their partnership with US-REG wants the stimulus money - apparently in the form of the tax credits. As a US company entitled just like anyone else, I don't blame them. Either way, with 51% majority ownership and the JV cited as a Delaware entity in the USA, if they qualify for US money then they qualify and so be it... Cielo is a direct party as a subcontractor hiring US workers in the US for the construction portion.


I'd still like to know a cost basis for A-Power to provide the turbines to the SPG versus another company in the US - comparison.