Clipper Windpower

In April 2002, Energy Spectrum invested in Clipper Windpower (“Clipper”), a leader in the rapidly expanding renewable energy sector. Clipper was active in developing and operating wind-powered turbines and related projects. During the time of Energy Spectrum’s ownership, Clipper developed several U.S. and international wind power sites and established production of its Liberty 2.5 MW wind turbine. In September 2005, Clipper completed an initial public offering on the London AIM stock exchange. After the shares became public, Energy Spectrum subsequently divested its holdings of the Company.