Developers of wind energy, with greenfields and shovel ready projects from North Dekota to north Texas.

1. Crownbutte Wind Power
Management Presentation
October 2008
Presented by Strasbourger Pearson Tulcin & Wolff (SPTW)

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
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3. CBWP MANAGEMENT
Timothy H. Simons—President & CEO
Tim 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—CFO
Manu 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 Technology
Terry 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, & Safety
Liess 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 Manager
Ryan 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.
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4. BUSINESS STRATEGY & COMPETITIVE ADVANTAGE
The Company’s objective is to site, develop, build, and operate a portfolio of optimal
ROI wind power projects in the Midwest, U.S.
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 capacity
3. Land Lease Options: the Company negotiates favorable lease options with land owners
and erects met towers throughout optioned sites
4. 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
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
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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):
To maximize revenue, seven categories of variables are used
$60
$56
to determine the mix of day-ahead commitments vs. spot mkt:
SPOT PRICE ($/MWH)
$52
$48
− Predicted power generation (24-hr forward view) based on
$44
meteorological data
$40
$36
− Predicted demand (24-hr forward view) based on
$32
meteorological data
$28
$24
− Time of day
$20
− Time of year
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− Prices of competitive generation (coal, natural gas)
QTRLY AVG ROLLING 4Q AVG
− Absolute level of spot and day-ahead prices
Source: www.midwestmarket.org
− Spread between spot and day-ahead prices
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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
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7. MARKET TRENDS
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* Chart Source: NREL www.nrel.gov/features/0108_winds_model.html
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
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8. WIND ENERGY LEGISLATION
Production Tax Credit (PTC):
• Created under the Energy Policy Act
of 1992
• $20 per MWh income tax credit for
utility scale wind facilities in service
by 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):
Source: AWEA www.awea.org/legislative/#PTC
• 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
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9. RENEWABLES PORTFOLIO STANDARDS
ME: 30% by 2000
MN: 25% by 2025 VT: (1) RE meets any 10% by 2017 - new RE
increase in retail sales by
(Xcel: 30% by 2020)
*WA: 15% by 2020 ☼ NH: 23.8% in 2025
2012; (2) 20% by 2017
ND: 10% by 2015
WI: requirement varies by MA: 15% by 2020 +
1% annual increase
utility; 10% by 2015 goal
MT: 15% by 2015 (Class I Renewables)
OR: 25% by 2025 (large utilities)
RI: 16% by 2020
5% - 10% by 2025 (smaller utilities)
SD: 10% by 2015
CT: 23% by 2020
☼ *NV: 20% by 2015 ☼ OH: 25%** by 2025
☼ NY: 24% by 2013
*UT: 20% by 2025 IA: 105 MW
☼ NJ: 22.5% by 2021
IL: 25% by 2025
☼ CO: 20% by 2020 (IOUs)
☼ PA: 18%** by 2020
CA: 20% by 2010 ☼*10% by 2020 (co-ops & large munis) MO: 11% by 2020
☼ MD: 20% by 2022
☼ NC: 12.5% by 2021 (IOUs)
☼ AZ: 15% by 2025 ☼ *DE: 20% by 2019
☼10% by 2018 (co-ops & munis)
☼ DC: 11% by 2022
☼ NM: 20% by 2020 (IOUs)
*VA: 12% by 2022
☼ 10% by 2020 (co-ops)
TX: 5,880 MW by 2015
State RPS
HI: 20% by 2020
State Goal
☼ Minimum solar or customer-sited RE requirement Solar water heating eligible
* Increased credit for solar or customer-sited RE
** Includes separate tier of non-renewable “alternative” energy resources
Source: DSIRE
www.dsireusa.org
September 2008
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10. DEVELOPMENT, CONSTRUCTION, & OPERATION
• Crownbutte operates in the entire chain of wind energy development,
construction and operation.
DEVELOPMENT CONSTRUCTION OPERATION
• 18 - 24 mos. • 3 - 12 mos. • 20+ yrs
• $150K - $200K per project • $20M - $42M* per project • $3M ann. profit before depr & amort
* depends on turbine price • $3M per MW ($60M for 20 MW)
• Downside risk is limited by the NAV of the Crownbutte portfolio of projects...
200
ASSET VALUE ($ Mil.)
180
PROJECTED
ACTUAL
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11. DEVELOPMENT PROCESS
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.)
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12. SIXTEEN* PROJECTS (700+ MW) IN DEVELOPMENT
Park Size Capital Cost Transmission Net Capacity Development
Project State (MW) ($000) Capacity Factors Steps Completed
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 Wibaux MT 20 41,667 57 KV 40.0% Steps 1-9
4 Elgin ND 20 40,410 69 KV 38.0% Steps 1-9
5 Berthold 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 Ralls 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 Tappen 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 Mobridge SD 40 83,330 115 KV 36.0% Steps 1-5
12 Scobey 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 War Bonnett* SD 30 72,643 115 KV 39.0% Steps 1-10
15 Caso* WI 14 30,855 41.6 KV 30.0% Steps 1-6
16 Glenmore* WI 14 30,855 41.6 KV 30.0% Steps 1-10
* Options in place to buy these 3 projects
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13. PROJECT MAP: WIND & TRANMISSION GRID
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14. CONSTRUCTION STEPS & COSTS
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
For a 20 MW project like Gascoyne I, with ten 2.0 MW DeWind turbines, the major capital
cost elements are:
$ mil. % $/kW
Turbines 28.7 74.7% 1,435 Turbines, towers, blades, & delivery
BOP 8.7 22.7% 437 Balance of plant
Tx Improvements 1.0 2.6% 50 Substation transformer
Capital Expense 38.4 100% 1,922
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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
•
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16. GASCOYNE I: HIGH QUALITY SITE
GASCOYNE I
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17. GASCOYNE I: TURBINE PLACEMENT
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18. GASCOYNE I: PRO-FORMA P&L
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:
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
Renewable Energy Credits (RECs) 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
Net Profit before Amort, Depr & Interest 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
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19. 16-PROJECT ROLL-UP: PRO-FORMA P&L
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REVENUE EBITDA OPERATING INCOME
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
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20. P&L HISTORY AND FUNCTIONAL ORGANIZATION
as 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
EBIT (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 annualized
assuming Jan-Sept revenue = 50% of annual
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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
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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.
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23. RISKS & MITIGATION
As with any investment, there are risks that could adversely impact the
success of Crownbutte's efforts
Risks: Mitigation of Turbine Acquisition Risk:
– Cost of land, materials, or equipment – Strategic supply agreements (GE, Siemens, Vestis,
(especially turbines) rises significantly. DeWind, Nordex, Eviag, Suzlon)
Availability and price of turbines is emerging – New suppliers coming on line because of high
as an industry bottleneck as wind power demand
generation capacity has – Park sizing an advantage in turbine acquisition
– 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)
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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.
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25. CONTACT
Ron Moschetta
Strasbourger Pearson Tulcin Wolff, Inc.
Member: NYSE, FINRA, SIPC
61 Broadway Suite 1630
New York, NY 10006
Tel: (212) 952-7500
moschetta@sptwinc.com
Tim Simons / Manu Kalia
Crownbutte Wind Power, Inc.
111 5th Ave. NE
Mandan, ND 58554
Tel: (701) 667-2073
tim.simons@crownbutte.com
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