A lawsuit filed in Penobscot County Superior Court alleges that Versant Power wrongfully acquired over $2 million in renewable energy credits from the West Enfield Dam owned by Bangor-Pacific Hydro Associates. The lawsuit, filed on Nov. 29, claims that Versant unlawfully took the credits for six years and sold them for a sum exceeding $2 million.
Bangor-Pacific is seeking a judicial declaration that the renewable energy credits rightfully belong to them and not Versant. Additionally, they are requesting damages of at least $2 million. The lawsuit emphasizes that, according to the power purchase agreement between the two companies, only electricity is intended to be sold to Versant, not the associated renewable energy credits.
Versant Communications Specialist Tina Morrill stated, “At this time, we are reviewing the complaint and will be preparing a response.” Prior to filing the lawsuit, Bangor-Pacific had previously demanded the return of the credits or compensation, which Versant allegedly ignored. The lawsuit contends that without a court order, Versant will continue to claim the dam credits.
The lawsuit accuses Versant of seeking an unwarranted windfall by acquiring both the power generated at the facility and all renewable energy credits while making what the lawsuit deems a low monthly payment under the purchase agreement. It asserts that these valuable renewable energy credits rightfully belong to Bangor-Pacific, but Versant’s collection and sale of them have permanently deprived Bangor-Pacific of their value.
Bangor-Pacific annually sells up to 16,000 kilowatts of electricity to Versant.
