by Alison Despathy
Predatory industrial-scale renewable energy development in Vermont has just reached an all-time low with continued ecological devastation and accompanying rate hikes in queue.
On September 15, 2025, the Vermont Public Utility Commission (PUC) issued a Certificate of Public Good (CPG) to Freepoint Commodities LLC (Freepoint), DBA- VT Real Estate Holdings and DBA- Shaftsbury Solar, for their 20MW industrial-scale solar project in Shaftsbury VT.
Money laundering, bribery of federal officials, a $98 million dollar fine, fraudulent and deceptive conduct, alleged false and misleading supply, demand and pricing for renewable energy and now industrial scale environmental destruction in Vermont, Freepoint holds a track record of crime.
PUC Commissioner Margaret Cheney, described the environmental destruction of this Shaftsbury project in her Concurring Opinion.
“It will be huge, and it will have impacts. An 80 acre, industrial-scale solar project and two new substations will be built on land that now consists of rolling hills, agricultural fields, open meadows, dense forested areas, and scattered homes. More than 104 acres will be disturbed as part of the construction, including 64 acres of primary agricultural soils. More than 42 acres of trees will be cut, including 34.6 acres of mature forest.”
Destroying the earth and our cherished Vermont environment to supposedly “save the earth” is the worst paradox. This project will greatly enrich the billion dollar, criminal commodities traders who own this project and as Commissioner Cheney pointed out,
“It is possible that neither the power from the facility or its renewable energy credits (“RECs”) will benefit Vermont because they could be sold outside the state…. In other words, Vermont will bear the burdens of this facility but might not directly reap the environmental benefits that it provides.”
Cheney continues on to question the existence of environmental benefits, given
“The amount of forest that will be cleared for this project, which not only affects aesthetics but seriously diminishes the Facility’s greenhouse gas benefits.”
“As demand for energy and renewable attributes grows across New England, Vermont stands to attract more out-of state-developers. Our large tracts of undeveloped land may be cheaper to buy than properties in other states. If deforestation is part of the pattern of such development –and especially if Vermont utilities and their ratepayers do not stand to receive direct benefits, as is the case here – the determination of whether a project is in the public good will shift.”
Add in the loss of biological diversity and wildlife habitat, diminished food security, flooding risks from cleared land, increased electric rates and it becomes quite evident that supposed benefits of this project do not outweigh the damage and loss to Vermont.
Solar on homes and businesses directly reduces costs and consumption. Incentivizing solar development in the built environment including Vermont’s many brownfields would prevent the ecological devastation of Vermont.
In 2023, Freepoint, paid over $98 million to resolve an investigation by the US Department of Justice “stemming from the company’s involvement in a corrupt scheme to pay bribes to Brazilian government officials.”
Freepoint paid a fine of $7.6 million to the Commodity Futures Trading Commission on similar charges, including “fraudulent and deceptive conduct”. Attorney General Agentieeri of the Justice Department stated, “The Criminal Division remains resolute in our fight against bribery and corruption.”
In 2024, a federal jury convicted Glenn Otzemel, “for his role in a nearly eight year long scheme to bribe Brazilian government officials and to launder money to secure contracts for two Connecticut based commodities trading companies”, including Freepoint. US Attorney Roberts said, “Bribery and money laundering are well established federal crimes, this conviction serves as another warning to anyone involved in the financial industry who seeks to gain an unfair advantage and illegally profit, both here in the US and abroad.”
Additionally, Freepoint was one of four companies to receive the largest fine for enforcement action ever issued by the Romanian Energy Regulator, ANRE. These companies are accused of wash trading, which is “likely to give, false or misleading signals as to the supply of, demand for, or price of wholesale energy products”
On July 16, Geoffrey Hand Esq., of SRH Law in Burlington VT, representing Freepoint, DBA VT Real Estate Holding 1 LLC, submitted a letter to the PUC requesting their immediate decision on the issuance of the CPG for the Shaftsbury Solar project. Specifically, Attorney Hand referenced the federal subsidies, a/k/a taxpayer dollars, of up to $20 million at stake and set to expire, as well the stringent restrictions recently placed on beginning of construction definitions.
From a corporate accountability standpoint, one would think that corrupt billion dollar commodities traders should be disqualified from receiving tax incentives and federal subsidies from hard working Americans paying taxes.
Despite the Governor’s veto, back in 2020 and 2024, the Democratic supermajority passed the extreme and costly Global Warming Solutions Act and Renewable Energy Standard, respectively. This legislation was written by special interest, specifically Renewable Energy Vermont (a renewable energy industry trade group) with the support of Energy Action Network, VPIRG and other supposed environmental groups.
Many of these groups are funded by the renewable energy industry, developers and lawyers committed to removing barriers and creating favored markets with incentives for their projects that utilize federal subsidies funded by taxpayers, to destroy the actual environment while making obscene profits. These laws promote higher costs and environmental destruction in Vermont, despite their messaging to ‘save the earth’.
As a quasi-judicial body, the Public Utility Commission is legislatively directed by Section 248, which holds the specific criteria to guide and direct their decisions in approving renewable energy projects and issuing a CPG. The Shaftsbury CPG is a devastating example of what happens when special interest groups create policy that favors their industry at the expense and abuse of Vermont.
Freepoint also awaits a decision for a CPG for a 110 acre industrial-scale solar project in Fair Haven on primary agricultural land and a possible proposal for a 300 acre industrial solar project in Panton is under consideration.
Just to recap– Freepoint, a billion dollar international commodities trading company, that settled with the Department of Justice for a $98 million fine regarding corruption and bribery, received a Certificate of Public Good and is set to receive ~$20 million in federal subsidies, a/k/a taxpayer dollars, to decimate 104 acres of Vermont’s rolling hills, prime agricultural lands, including 42 acres of ecologically complex forest with 35 acres of mature forest. Vermont may not receive any of the “renewable energy”, there is currently no power purchase agreement and the power could enter the grid and be sold for profit at market rates or high value REC’s could be sold to another entity to claim they have renewable energy from a predatory solar developer destroying the beautiful green mountains of VT. This is the epitome of an abusive and corrupt relationship.
Are you as outraged as I am?
The author is a clinical nutritionist in St. Johnsbury.