Investors can see the writing on the Maine wall. The domino effect of municipalities across the state taking up preemptive "windproofing" ordinances, in diminished future subsidies.
And with Maine deciding her nearshore waters are fully exploited by working Mainers as is, and too economically important to clutter with subsidized windfarms, offshore wind is truly being sent OFFSHORE - ten miles and more to set them over the horizon.
American deepwater wind energy extraction, which Maine is fortunate enough to have been federally funded to design and deploy a full sized prototype for, will scare off smaller investors with the 7-figure costs associated with these windgobbling behemoths.
First Wind is in a classic rock & a hard place scenario. With Maine communities putting up aggressive defenses, its plans for an IPO may fizzle; investors likely won't touch their stock offering with a 450 foot pole.