Google the following sentence for the whole story:
Theft takes the wind out of power producers in Rajasthan
Here are some snippits:
"About 15% of the turbines put up by developers like Suzlon Energy, Inox Wind, Gammesa, and Enercon (India) are under complete breakdown due to theft, ... The sophisticated modus operandi of the thieves has baffled the industry body"
"... Earlier, the gangs or individuals involved in theft used muscle power ... to beat and scare the company security personnel stationed at some sites...But over the last couple of years, incidents have shown use of weapons like pistols. Gangs arriving at the targeted sites in a fleet of SUVs are now a common practice. "
"... What is puzzling many is the precision with which the operations are carried out by the gangs. A company official said, "The thieves know the exact location in the turbine which needs to be cut. It requires an in-depth understanding of the turbines whose height varies between 70-110 meters. They use electric cutting machines and get their job done in a very professional manner."
"... the turbines contain 1-1 .5 tonne of high-value refined copper"
Nothing new. The same thing was happening in the Altamont Pass a lonnnnng time ago. Turbines were smaller of course. The buggers were pulling cable out of the underground conduits, and taking the "drop" cables leading from the base to the generator. They'd strip the insulation off the cables on site and chop the cable on site - drive away with scrap aluminum and copper. Mechanized.
My favorite - PG&E has a massive substation in the Altamont. It was also used as a storage yard for transmission line construction. Clever bad guys picked up a flat bed semi - put PG&E logos on the side of the truck, hard hats, shirts, - you name it. They ginned up PG&E letterhead on work orders, and drove in twice a day for a couple weeks and stole tens of thousands of feet of some really fat wire (ACSR). From that day forward, anyone who sells conductor to PG&E now stamps "PGE" on the inner steel strand.
The gun play on wind farms happened down in Palm Springs and didn't involve copper theft. It involved two rent a cops from two different companies - they shot each other in some twisted form of natural selection. Can't make it up.
barry, let me add a bit of "color" to your post. Rajasthan borders Pakistan with everything that implies but not representative of India generally and certainly not Inox in particular. We should be hearing from India equivalent SEC soon regarding clarification Inox Wind IPO which will raise capital for expansion and general purposes. Since Inox not only important AMSC customer but big "receivables" account I'm guessing successful IPO good for us all the way around.
Another important developement there just past week is legislative approval resumption of "generation based incentive" for wind energy production which is their version of our "feed in tariff" program. It's a big deal. Something else to consider is that Inox positioning themselves as low cost wind turbine exporter (with AMSC IP) and so recent hit to rupee, if prolonged, might actually benefit prospects for outmarket penetration. Good luck, Yank
Thanks, yank. I knew there'd be someone out there who would find the post interesting. I share your optimism regarding INOX and amsc and have posted my positive thoughts about this multiple times.
What’s with the Berry bashing? Berry does good research, makes logical arguments, defends or coincides when his arguments are challenged. Berry stays polite, treats other posters with respect. I learn about AMSC from his posts. Berry makes me a more informed investor. Gump adds nothing to this board, Gump’s posts are a total waste of time.
Bandits are Raiding American Wind Farm Company as well...banditos, lead by Dannito McGahn continue to riffle through the coffers of the firm, taking big fat paychecks while producing zippo! Next news won't be until 2Q' 13 call when they announce another loss equal to ~50% of revenues...real winning formula.