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Greenlight Energy (4,154MW of Wind Development Assets)

Background

Merits:

• Experienced management team with only two completed projects but secured sites with great wind resources

Challenges:

• Under capitalized balance sheet caused a roadblock as turbine suppliers demanded significant down payment and potential off-takers demanded credit support prior to signing off-take agreements

Marathon Process

• We represented GreenLight as its Exclusive Financial Advisor/Investment Banker.

• We created a sales teaser, offering book and valuation model of the company.

• We presented the company's competitive advantages, values and management skills to a select group of potential buyers.

• We received multiple bona fide offers from top-tier strategic and financial buyers.

• We advised the Board of Directors in evaluating the offers and selecting the exclusive buyer.

• We managed the due-diligence process utilizing a virtual data-room.

• We advised and helped resolve numerous purchase and sale issues

Outcome

• Closed wind financing transaction with BP Alternative Energy in April 2006 at a valuation of $125 million 30 days after signing LOI