160 MW BRAZOS WIND RANCH
Snyder, Texas

Original developer and Client  Cielo Wind Power, LLC, Austin, Texas ("Cielo")

Subsequent developer  Shell Wind Energy, Inc and Padoma

Original Project Owners  Shell Wind Energy, Inc. and Padoma Resources I, Inc.

Current Project Owners: Shell Wind Energy, Inc. and Mitsui ( USA) Inc.

In November 2002, Cielo retained Padoma to place 25 percent of the equity on the Noelke Hill Project, a 240-MW venture in West Texas; 75 percent of the equity presumably had been placed by Babcock& Brown of San Francisco. After identifying a potential 25 percent equity owner, the potential owner and Padoma commenced due diligence on the project and quickly determined that it was non-financable due to significant transmission curtailments, which could not be quantified in either extent or duration. Padoma worked with Cielo to move the project to two different sites in the Texas panhandle, one controlled by Cielo and one to be acquired by Cielo from Orion Energy. The reconfigured project could hold no more than 160 MW, and the project was reduced accordingly. Shell Wind Energy, Inc and Padoma Resources I, Inc., a wholly owned subsidiary of Padoma, acquired the project from Cielo and completed it as described above, with Padoma procuring 50 percent of the construction financing and the remainder provided by Shell. Following commercial operation, Padoma’s 50-percent share of the project was sold to Mitsui (USA) Inc. in May 2004.