Germany: How DARE they!
Wind farm investors ask for the returns they were promised. Cheeky buggers!
The fact that [Prokon] weren’t successful is, according to Rodbertus, the fault of the company’s investors, who backed the firm to the tune of €1.4 billion ($1.9 billion). Currently, many of them are demanding the returns that they were once promised: at least 6 percent interest per year or a refund of their principle if they wished to back out. Last week, the mounting claims led Prokon to declare bankruptcy — 75,000 stakeholders could be left out in the cold.
Thus far, it is the highest profile failure of a business model that both politicians and investors praised for being doubly beneficial. Not only would investors boost their own accounts, but they would also help the environment at the same time. And because the state guaranteed high feed-in rates for 20 years, the promises made by financial advisors — secure returns with a good conscience — seemed plausible.