GLG News Analyses of the following article:

EDF wind arm sees M&A bonanza in crisis

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Published at: www.reuters.com

Randall TinkermanStrategic Due DiligenceDeutsche WindGuard

Strategic Windpower M&A Wide Open

April 21, 2009

The financial crisis has indeed dampened windpower project finance for the short-term.  Such a situation precipitates strategic opportunities for well-placed players.  This public statement by one of the largest global developers is evidence that the sector may open up with a bang in the near-term.

Gunter SchoechOwnerDebrouillage Ltd.

European Utilities taking advantage of recession through M&A to catch up in wind energy

March 24, 2009

What is being described about EDF in France is equally true for the 4 large German Utilities E.ON, RWE, Vattenfall and EnBW. Banks have increased the equity criterion to 30%, up from 15% historically, and demand additional insurances. The ensuing fiancing problems of smaller developers now allows the utilities to catch up in the alternative energies, which they had neglected previously. They can acquire locations, equipment and know how at low prices, while relying on their strong cash flow from operations.