crownbutte wind power powerpoint
DESCRIPTION
Developers of wind energy, with greenfields and shovel ready projects from North Dekota to north Texas.TRANSCRIPT
Crownbutte Wind Power
Management PresentationOctober 2008Presented by Strasbourger Pearson Tulcin & Wolff (SPTW)
SPTW CONFIDENTIAL 2
CROWNBUTTE WIND POWER -- BACKGROUND
• Crownbutte Wind Power (“CBWP” or the “Company”) was founded in 1999 as a wind power consulting firm, the Company is based in Mandan, ND
• Since inception, CBWP has advised regional utilities and independent wind power developers including:
• Montana-Dakota Utilities Co. (MDU)
• Suzlon Wind Energy
• Boreal Wind Energy (since acquired by Wind Energy America)
• Basin Electric Power Cooperative (BEPC)
• Notable past projects include:
• 20 MW wind farm in Buffalo Ridge, MN - Advisor
• 19.5 MW wind farm in Baker, MT - brown-field sale to MDU
• 2.6MW wind farm in Chamberlain, SD – Turnkey sale to BEPC
SPTW CONFIDENTIAL 3
CBWP MANAGEMENTTimothy H. Simons—President & CEOTim has been involved in the wind power industry since 1996. Serves on the Upper Great Plains Transmission Coalition formed (by the Governors of 3 states) to address electrical transmission problems in order to better utilize coal, hydro, & wind resources, and serves as co-chairman of the Transmission Bottleneck Committee. Tim spent over 5 years on active duty in the U.S. Army, and worked in Europe for Robert Bosch GmbH, as well as other companies. He has also spent over 10 years as a teacher in the Mandan/Bismarck area. Tim has a degree in Social & Behavioral science from the University of Mary, attended graduate school at Creighton University, and is a graduate of the Defense Language Institute in Monterey, CA.
Manu Kalia—CFOManu brings 13 years of high tech and financial management experience to Crownbutte. He has served at senior management levels as: CEO of Promana Solutions Inc. (web services), CFO of ARC International PLC (semiconductors), CFO of Tradeworx Inc. (statistical-arbitrage financial analytics/ hedge fund), and CEO of Open Source Creations Inc. (online collaboration). Prior to that, Manu spent time as an investment banker for Commonwealth Associates, as an analyst for Sanford Bernstein, and as a manager at Lucent Technologies Bell Laboratories. Manu holds a Bachelors in Engineering Sciences (cum laude) from Dartmouth College, and an MBA from the Amos Tuck School of Business Administration at Dartmouth.
Dr. Terry Pilling, Ph.D.—Director of Operations and TechnologyTerry received his B.S. (Honors) in Physics and Engineering Physics at the University of Saskatchewan, Canada, his M.S. in Nuclear Physics at the Saskatchewan Accelerator Laboratory, and his Ph.D. in Particle Physics at the North Dakota State University, winning the Physics & Engineering Physics Convocation Award. Terry completed postdoctoral research at the Joint Institute for Nuclear Research in Russia, was a visiting researcher at the Joint Astronomy Center on Mauna Kea, Hawaii, and spent four years as Professor of Physics at the North Dakota State University. Dr. Pilling has 18 publications, of which 12 are in peer reviewed, internationally recognized journals. Dr. Pilling is also responsible for Research and Development at CBWP.
J. Liessmann Vantine—Director of Environmental Control, Permitting, & SafetyLiess is responsible for liaison with state and federal agencies concerned with environmental conservation, as well as with those entrusted with archaeological, historical, and cultural preservation. In addition, he conducts the training and supervision of staff in maintaining safety standards in all areas of Crownbutte activity. Liess also works closely with project managers in the areas of landowner relations and land control. Liess holds a B.A. in History and an M.A. in Anthropology from the University of Manitoba, Canada, and is a former archaeologist and university instructor.
Ryan Fegley—Senior Project ManagerRyan is responsible for project development at each site, from initial transmission capability assessment to securing land control. Prior to joining the company, Ryan was responsible for corporate reporting and risk management at Black River Asset Management, a hedge fund owned by Cargill. Ryan holds a Bachelor of Accountancy and Business Administration from the University of North Dakota.
SPTW CONFIDENTIAL 4
BUSINESS STRATEGY & COMPETITIVE ADVANTAGE
The Company uses a four point methodology to acquire “low hanging fruit” project sites:1. Identify Transmission Capacity: using MDU grid capacity data, the Company locates
underutilized existing transmission lines and determines the available capacity 2. Conduct Topographical and Meteorological studies: the Company identifies ideal project
sites along transmission lines with free capacity3. Land Lease Options: the Company negotiates favorable lease options with land owners
and erects met towers throughout optioned sites4. Wind Capacity Detail: the Company measures wind capacity for several years to determine
a sites aggregate wind capacity at various heights and locations, uses third party to conduct formal wind report
The Company’s objective is to site, develop, build, and operate a portfolio of optimal ROI wind power projects in the Midwest, U.S.
COMPETITIVE ADVANTAGES:• First mover is a barrier to entry as transmission capacity is an absolute limit• Greenfield projects already in a position to block out other competitors at the sub-100 MW
park size• Distributed generation across an East-West axis is inherently advantageous to a balanced
and constant load• Fully leverage local relationships with vendors, contractors, regulators
SPTW CONFIDENTIAL 5
USE THE BEST MIX OF OFF-TAKE• Three ways to off-take (sell) generated electricity:
– PPA (Purchase Price Agreement) – a long term (typically 10 or 20 yrs) purchase agreement setting the price at which a utility will purchase power; not currently favored by MDU
– QF (Qualified Facility) – PURPA (Public Utility Regulatory Policy Act) mandates that a utility must purchase electricity from an independent producer (QF) at the utilities marginal cost (set annually by the PUC), which currently stands at $36/MWH
– Merchant or LMP (Locational Marginal Price) – an open market in which independent producers can sell their power under the auspices of OATT (Open Access Transmission Tariff)
• MISO (Midwest Indep. Sys. Operator) establishes a market that has spot market with 5-min price updates, and a day-ahead market, updated hourly.
• Pricing for merchant supplied energy on the spot market changes every 5 minutes, but has been trending upwards over the past three years (to about $48/MWH):
Source: www.midwestmarket.org
Q3 '05
Q4 '05
Q1 '06
Q2 '06
Q3 '06
Q4 '06
Q1 '07
Q2 '07
Q3 '07
Q4 '07
Q1 '08
Q2 '08
Q3 '08
$20$24$28$32$36$40$44$48$52$56$60
QTRLY AVG ROLLING 4Q AVG
SPO
T PR
ICE
($/M
WH
)
To maximize revenue, seven categories of variables are used to determine the mix of day-ahead commitments vs. spot mkt:
− Predicted power generation (24-hr forward view) based on meteorological data
− Predicted demand (24-hr forward view) based on meteorological data
− Time of day− Time of year− Prices of competitive generation (coal, natural gas)− Absolute level of spot and day-ahead prices− Spread between spot and day-ahead prices
SPTW CONFIDENTIAL 6
ALTERNATIVE ENERGY REVOLUTION
Spurring Economic Development• For every megawatt (MW) of wind energy produced, $1 million in economic development is generated.
This includes revenue from planning, construction, etc. • Wind energy revitalizes rural communities by providing steady income through lease and royalty
payments to farmers and other landowners.• Jobs: Wind energy resources bring needed jobs to rural communities and bolster farm incomes against
bad weather. Worldwide, wind and solar industries are likely to be one of the main sources of new manufacturing jobs in the 21st century.
• Consumer Benefits: Wind energy costs for consumers are low and stable. This is particularly beneficial for those on fixed incomes.
• As wind energy production becomes more efficient, costs will decline, while fossil fuel prices are expected to rise.
Environmental and Health Benefits• Low emissions: Reduces smog and eliminates a major source of acid rain; could reduce total US
emissions of carbon dioxide (a greenhouse gas) by 1/3 and world emissions by 4%. • Potential for growth: Development of just 10% of 10 of the windiest states could provide more than
enough energy to displace emissions from coal-fired power plants.• Cleaner air means healthier air, especially for people with respiratory disabilities.• Coal-fired generation is the number one user of fresh water in the US... more than agriculture
National Security• Potential to significantly reduce U.S. dependence on foreign oil imports
SPTW CONFIDENTIAL 7
MARKET TRENDS
Chart Source: NREL www.nrel.gov/features/0108_winds_model.html
PROJECTED INSTALLED WIND CAPACITY (GW)RECENT PROGRESS:• 5.4GW of installed wind power capacity
in 2007, increased total wind capacity by 45%*
• As of Q208, the U.S. has over 19GW of installed wind power capacity*
• Globally, wind power capacity rose 27 percent in 2007 to 94GW*
• 48 Billion kWh are expected to be generated by U.S. wind farms in 2008*
• Equaling just over 1% of the U.S. total electricity supply*
• Powering the equivalent of over 4.5 million homes*
20% BY 2030:• The U.S. DOE 20% Wind Energy by 2030 Technical Report (www.20percentwind.org) finds that wind power can
supply 20 percent of America’s electricity by 2030**• U.S. energy consumption projected to grow at 39% through 2030 to 5.8 billion MWh (source EIA)• 20% wind power in 2030 would require an increase of 280 GW in wind power over 21 years
* AWEA Fact Sheet www.awea.org/pubs/factsheets/Market_Update.pdf** AWEA Fact Sheet www.awea.org/pubs/factsheets/Backup_Power.pdf
SPTW CONFIDENTIAL 8
Production Tax Credit (PTC):
• Created under the Energy Policy Actof 1992
• $20 per MWh income tax credit for utility scale wind facilities in serviceby Dec. 31st 2009
• PTC can be attributed to a “tax investor”
• Established to increase economic viability of wind power projects for developers
Renewable Portfolio Standard (RPS):
• State level legislation that varies in scope by state, has been adopted by 26 states (see next slide for map)
• Renewable Energy Certificate (REC) 1 certificate per MWh generated by renewable energy producer, can be sold as off-set pricing depends on state RPS policy and subsequent market demand
• REC’s can range in value from $5 to $90 per certificate with an average of $20 per certificate
WIND ENERGY LEGISLATION
Source: AWEA www.awea.org/legislative/#PTC
SPTW CONFIDENTIAL 9
RENEWABLES PORTFOLIO STANDARDS
State Goal
☼ PA: 18%** by 2020
☼ NJ: 22.5% by 2021
CT: 23% by 2020
MA: 15% by 2020 + 1% annual increase
(Class I Renewables)
WI: requirement varies by utility; 10% by 2015 goal
IA: 105 MW
MN: 25% by 2025(Xcel: 30% by 2020)
TX: 5,880 MW by 2015
☼ AZ: 15% by 2025
CA: 20% by 2010
☼ *NV: 20% by 2015
ME: 30% by 200010% by 2017 - new RE
State RPS
☼ Minimum solar or customer-sited RE requirement* Increased credit for solar or customer-sited RE** Includes separate tier of non-renewable “alternative” energy resources
HI: 20% by 2020
RI: 16% by 2020
☼ CO: 20% by 2020 (IOUs)☼*10% by 2020 (co-ops & large munis)
☼ DC: 11% by 2022
Source: DSIRE www.dsireusa.org September 2008
☼ NY: 24% by 2013
MT: 15% by 2015
IL: 25% by 2025
VT: (1) RE meets any increase in retail sales by
2012; (2) 20% by 2017
Solar water heating eligible
*WA: 15% by 2020
☼ MD: 20% by 2022
☼ NH: 23.8% in 2025
OR: 25% by 2025 (large utilities)5% - 10% by 2025 (smaller utilities)
*VA: 12% by 2022
MO: 11% by 2020
☼ *DE: 20% by 2019
☼ NM: 20% by 2020 (IOUs)☼ 10% by 2020 (co-ops)
☼ NC: 12.5% by 2021 (IOUs)☼10% by 2018 (co-ops & munis)
ND: 10% by 2015
SD: 10% by 2015
*UT: 20% by 2025☼ OH: 25%** by 2025
SPTW CONFIDENTIAL 10
Q3 '05
Q4 '05
Q1 '06
Q2 '06
Q3 '06
Q4 '06
Q1 '07
Q2 '07
Q3 '07
Q4 '07
Q1 '08
Q2 '08
Q3 '08
Q4 '08
Q1 '09
Q2 '09
Q3 '09
Q4 '09
Q1 '10
Q2 '10
Q3 '10
Q4 '10
0
20
40
60
80
100
120
140
160
180
200
ASS
ET V
ALU
E ($
Mil.
)DEVELOPMENT, CONSTRUCTION, & OPERATION
• Crownbutte operates in the entire chain of wind energy development, construction and operation.
• 18 - 24 mos.
• $150K - $200K per project
• 3 - 12 mos.
• $20M - $42M* per project
* depends on turbine price
• 20+ yrs
• $3M ann. profit before depr & amort
• $3M per MW ($60M for 20 MW)
• Downside risk is limited by the NAV of the Crownbutte portfolio of projects...
PROJECTEDACTUAL
D E V E L O P M E N T CONSTRUCTION O P E R A T I O N
SPTW CONFIDENTIAL 11
Wind park site development can take up to 24 months and cost $150K $200K:‑1. Identify the transmission capability
2. Conduct topographical studies
3. Configure an initial park array
4. Procure the necessary land lease options
5. Install site-specific meteorological instrumentation
6. Accumulate sufficient meteorological data
7. Select turbine type
8. Complete a wind report (by a certified consulting meteorologist)
9. Apply for local/state/federal permitting & transmission queue position.
10. Secure Interconnect agreement
11. Conduct geotechnical investigations at the site to prepare the foundation designs.
12. Execute turbine supply agreement
13. Retain construction contractor(s)
14. Prepare the final site designs (collector system, service roads, junction boxes etc.)
DEVELOPMENT PROCESS
SPTW CONFIDENTIAL 12
SIXTEEN* PROJECTS (700+ MW) IN DEVELOPMENT
Project State
1 Gascoyne I ND 20 41,667 115 KV 41.2% Steps 1-10
2 New England ND 60 115,619 115 KV 43.0% Steps 1-9
3 MT 20 41,667 57 KV 40.0% Steps 1-9
4 ND 20 40,410 69 KV 38.0% Steps 1-9
5 ND 60 115,743 115 KV 37.0% Steps 1-9
6 Carson ND 20 41,667 69 KV 37.0% Steps 1-6
7 TX 10 22,000 41.6 KV 36.5% Steps 1-10
8 Gascoyne II ND 200 349,826 230 KV 43.6% Steps 1-9
9 ND 99 206,250 230 KV 40.0% Steps 1-6
10 Monarch MT 60 125,000 115 KV 39.0% Steps 1-6
11 SD 40 83,330 115 KV 36.0% Steps 1-5
12 MT 20 41,667 57 KV 41.0% Steps 1-6
13 Big Sandy MT 20 41,667 69 KV 35.0% Steps 1-6
14 SD 30 72,643 115 KV 39.0% Steps 1-10
15 WI 14 30,855 41.6 KV 30.0% Steps 1-6
16 WI 14 30,855 41.6 KV 30.0% Steps 1-10
* Options in place to buy these 3 projects
Park Size (MW)
Capital Cost ($000)
Transmission Capacity
Net Capacity Factors
Development Steps Completed
Wibaux
Elgin
Berthold
Ralls
Tappen
Mobridge
Scobey
War Bonnett*
Caso*
Glenmore*
SPTW CONFIDENTIAL 13
PROJECT MAP: WIND & TRANMISSION GRID
SPTW CONFIDENTIAL 14
Wind park site development can take up to 3-12 months and cost $20 $42 million:‑1. Receive turbines -- thirteen 1.5 MW nameplate capacity turbines required for a 20 MW project
2. Reserve cranes and other scarce equipment.
3. Park materials – cables, collector system, SCADA (systems control and data analysis), turbine transformers
4. Substation construction (or upgrade) – obtain & install step-up transformer
5. Foundations – pouring concrete and conduits for electrical & grounding components
6. Erect towers – three tower sections (requires crane)
7. Place turbines – install nacelle and blades
8. Commissioning – testing for performance
9. Connect to transmission grid
CONSTRUCTION STEPS & COSTS
$ mil. % $/kW
Turbines 28.7 74.7% 1,435 Turbines, towers, blades, & delivery
BOP 8.7 22.7% 437 Balance of plant
1.0 2.6% 50 Substation transformer
Capital Expense 38.4 100% 1,922
Tx Improvements
For a 20 MW project like Gascoyne I, with ten 2.0 MW DeWind turbines, the major capital cost elements are:
SPTW CONFIDENTIAL 15
GASCOYNE I: FIRST PROJECT CASE STUDY
• As its first project, CBWP intends to construct a 20MW wind energy facility named “Gascoyne I” in Southwest North Dakota
• The land lease for this project was signed in 2007, it gives the Company an option for a 40 year lease
– Terms: $2,500 per turbine $1,000/MW nameplate-capacity per year
• CBWP has finalized all requisite permitting for this project site
• The Company has been monitoring wind capacity using NRG systems equipment located throughout the site since November 2002, the site averaged a 41.2% wind net capacity during this period
• Based on the Gascoyne I wind net capacity, the project is reasonably expected to generate 72,000 MWH annually
• The Company has signed an interconnection agreement with MDU for this project which is located along a MDU 115 KV transmission line
• The total capital cost for the Gascoyne I project is estimated to be $38.4 million, currently the Company plans to use DeWind 2.0 MW turbines for this site
• See slide 17 of this presentation for Gascoyne I Pro forma P&L
SPTW CONFIDENTIAL 16
GASCOYNE I: HIGH QUALITY SITE
GASCOYNE I
SPTW CONFIDENTIAL 17
GASCOYNE I: TURBINE PLACEMENT
SPTW CONFIDENTIAL 18
Once a wind farm is constructed, model assumes power is sold on an LMP basis (could secure PPA or QF arrangement). A 20 MW project such as Gascoyne I would generate the following pro-forma income stream:
GASCOYNE I: PRO-FORMA P&L
Year 1 Year 2 Year 3 Year 4 Year 5 Year 10 Year 20 Total Year 1-20
REVENUE Electricity sales (3% inflation) 3,320,390 3,420,002 3,522,602 3,628,280 3,737,129 4,332,356 5,822,325 89,220,133
721,824 721,824 721,824 721,824 721,824 721,824 721,824 14,436,480 Interest on Reserves 15,000 15,000 15,000 15,000 15,000 15,000 15,000 300,000
Total Profit 4,057,214 4,156,826 4,259,426 4,365,104 4,473,953 5,069,180 6,559,149 103,956,613
TOTAL OPERATING EXP. BEFORE AMORT., DEPR. & INTEREST 1,014,037 1,043,108 1,373,051 1,403,893 1,435,660 1,152,211 1,537,999 25,291,291
3,043,177 3,113,718 2,886,375 2,961,211 3,038,293 3,916,970 5,021,150 78,665,323
TOTAL AMORTIZATION & DEPRECIATION 9,345,804 13,974,581 7,035,011 4,721,491 2,408,020 94,388 0 38,430,842 OPERATING INCOME BEFORE INTEREST EXPENSE (6,317,627) (10,875,863) (4,163,637) (1,775,279) 615,273 3,807,582 5,006,150 39,934,481
Interest on Debt 0 0 0 0 0 0 0 0
NET INCOME (LOSS) (6,317,627) (10,875,863) (4,163,637) (1,775,279) 615,273 3,807,582 5,006,150 39,934,481
TAXABLE INCOME (LOSS) (6,317,627) (10,875,863) (4,163,637) (1,775,279) 615,273 3,807,582 5,006,150 39,934,481
Renewable Energy Credits (RECs)
Net Profit before Amort, Depr & Interest
SPTW CONFIDENTIAL 19
16-PROJECT ROLL-UP: PRO-FORMA P&L
Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15 Yr 16 Yr 17 Yr 18 Yr 19 Yr 20
REVENUE 4.1 8.1 21.0 36.1 42.5 86.3 119.2 136.7 150.0 153.8 157.7 161.6 165.7 170.0 174.3 178.8 183.4 188.2 193.0 198.1
EXPENSE 1.0 2.1 5.2 9.4 12.2 22.3 30.2 35.6 39.2 40.9 34.4 29.2 27.8 27.3 28.1 28.9 29.8 30.7 31.5 32.4
DEPR & AMORT 9.3 23.3 46.6 85.0 93.3 146.1 225.5 214.8 177.7 123.7 57.6 25.4 9.7 2.9 2.9 2.8 2.7 2.5 2.2 2.0
EBITDA 3.0 6.0 15.7 26.7 30.3 64.0 89.0 101.1 110.8 112.9 123.2 132.4 138.0 142.6 146.2 149.8 153.6 157.5 161.5 165.7
OPERATING INCOME (6.3) (17.3) (30.9) (58.3) (63.0) (82.1) (136.4) (113.7) (66.8) (10.8) 65.7 107.1 128.3 139.7 143.3 147.0 150.9 155.0 159.3 163.6
Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9Yr 1
0Yr 1
1Yr 1
2Yr 1
3Yr 1
4Yr 1
5Yr 1
6Yr 1
7Yr 1
8Yr 1
9Yr 2
0-200
-150
-100
-50
0
50
100
150
200
250
REVENUE EBITDA OPERATING INCOME
$ M
illio
ns
SPTW CONFIDENTIAL 20
P&L HISTORY AND FUNCTIONAL ORGANIZATIONas of
2005 2006 2007 2008 E* Jun 30 '08
REVENUE 2,477 160,167 729,302 546,000 273,000 COGS 100 11,620 105,858 6,500 3,250
Gross Margin 2,377 148,547 623,444 539,500 269,750
Salaries & Wages 2,009 - 179,738 231,296 115,648 Other Expenses 13,915 20,278 120,157 357,490 178,745
E B I T (13,546) 128,269 323,549 (49,286) (24,643)
Interest Expense (Income) 13,861 8,314 (10,050) (7,713) (3,856)
NET INCOME (27,407) 119,955 333,599 (41,573) (20,787)
* Estimate based on 6 months actual results annualizedassuming Jan-Sept revenue = 50% of annual
SPTW CONFIDENTIAL 21
FINANCING STRATEGY
1. Raise ~$5 million in straight equity at a $10M pre-money valuation. (Use of proceeds: general corporate expenses to continue to develop new sites, secure land, etc.)
2. Complete S1 filing to allow CBWP to trade freely on the bulletin board (imminent)
3. Secure a tax investor partner to finance construction of first project (Gascoyne I)
4. Tax investor puts up $40M for 99% ownership for ten+ years Flips back to Crownbutte after returns achieved (~10 years)
5. Repeat project finance sequence for each successive project
SPTW CONFIDENTIAL 22
ATTRACTIVE TO MULTIPLE PARTIES
• Tax Investors
– Ability to use PTC's to offset income
– Low-risk profile on returns of 7.5% - 8%
– Income and profit stream over 10 years on the order of $3 million per year
• Convertible Bond & Equity Investors
– Outsized returns possible in the emerging green energy industry
– Entry into perhaps the most attractive industry segment at an early valuation
– Socially responsible investment
• Utilities likely buyers of wind parks in future
– 24 states have passed laws requiring specific percentages of their energy portfolios be derived from renewable resources (See slide 9, “Renewables Portfolio Standards”)
– Current US average wind energy production is ~1% of total electricity generation
– As these regulations take effect (and others are introduced), purchasing wind park assets emerges as one of a very limited number of options available to utilities.
SPTW CONFIDENTIAL 23
RISKS & MITIGATION
Risks:– Cost of land, materials, or equipment
(especially turbines) rises significantly. Availability and price of turbines is emerging as an industry bottleneck as wind power generation capacity has
– PTC’s are not renewed by 12/31/2009 and construction has not been completed on the first owned/operated wind park.
– Price of competing alternative energy technologies drops significantly
– Price of oil / natural gas drops
– Break-through made to make coal-fired generation less destructive (i.e. control carbon, mercury, NOX, SOX, fly ash emission)
As with any investment, there are risks that could adversely impact the success of Crownbutte's efforts
Mitigation of Turbine Acquisition Risk:– Strategic supply agreements (GE, Siemens, Vestis,
DeWind, Nordex, Eviag, Suzlon)– New suppliers coming on line because of high
demand– Park sizing an advantage in turbine acquisition
SPTW CONFIDENTIAL 24
INVESTMENT OPPORTUNITY RECAP
• Early participation in the most explosive industry in the world today: alternative energy
• Very attractive valuation at this early stage
• Unique business strategy leverages local transmission capacity and specialized local meteorological/topographical expertise
• Excellent pipeline of projects already in development
• Underlying asset values at every stage of development, construction, and operation constitute liquidation value that protects investors on the downside
• Strong exit story: political environment, economic realities of rising fossil fuel costs, and public concerns over pollution and global warming all combine to make operating wind energy assets valuable to a variety of buyers.
SPTW CONFIDENTIAL 25
CONTACT
Ron MoschettaStrasbourger Pearson Tulcin Wolff, Inc.Member: NYSE, FINRA, SIPC61 Broadway Suite 1630New York, NY 10006Tel: (212) [email protected]
Tim Simons / Manu KaliaCrownbutte Wind Power, Inc.111 5th Ave. NEMandan, ND 58554Tel: (701) [email protected]