Contact: Nick Katkevich, 401-559-6218
Burrillville Against Spectra Expansion
Contact: Kathy Martley, 401-568-3354
Morgan Stanley Pressured to Cut Financial Ties With
Invenergy’s Clear River Energy Center
Providence - On Thursday, Burrillville, Rhode Island residents in opposition to Invenergy’s Clear River Energy Center (CREC) formally asked Morgan Stanley to cut financial ties with Invenergy’s fossil fuel projects. Members of BASE (Burrillville Against Spectra Expansion) and The FANG Collective personally delivered a letter to Morgan Stanley's office in Providence, while similar letter deliveries were carried out in ten other cities.
Invenergy, the largest wind produce in the country, also operates and is trying to construct new fracked-gas burning power plants. Many of these projects are facing stiff community resistance, including in Burrillville where residents have been squaring off against Invenergy and their proposed fracked-gas plant for a year and a half.
“Burrillville is united against the project and over a dozen towns across Rhode Island have passed resolution opposing the plant. Now we need Morgan Stanley to join us and cut their ties with Invenergy”. Kathy Martley of BASE (Burrillville Against Spectra Expansion).
Invenergy is also trying to move forward with fracked-gas power plant in Jessup and Elizabeth Township, PA. Residents in those towns are vocally opposed to the projects.
Morgan Stanley is the primary lender for Invenergy’s “Thermal Operating LLC”, having signed a $540 million loan to support Invenergy’s fracked-gas division in October 2015. Two months ago Moody’s downgraded this loan, revising the it’s outlook from “stable” to “negative”. Moody’s cited Invenergy’s “substantial financial underperformance” as the primary reason for this decision.
“In the face of growing opposition Invenergy is struggling. We urge Morgan Stanley to abide by their own policies on ecology and indigenous rights and immediately cut their line of credit to Invenergy.” Nick Katkevich of The FANG Collective.
Letters made out to Audrey Choi, CEO of Morgan Stanley's Institute for Sustainable Investing, were delivered to Morgan Stanley offices in Los Angeles, Washington DC, New York City and elsewhere. FANG wrote in the letter that investing in Invenergy violated Morgan Stanley’s “Environmental Policy Statement” and the principles of their Institute for Sustainable Investing.