As the fastest developing new EU member state, Poland is one of the most promising wind energy markets in the EU. Large areas of the country have favourable conditions for wind power generation, with average wind speeds between 5.5 and 7.0 m/s (at 50 meters). According to the Polish Wind Energy Association, 11-14 GW of wind energy could be installed in Poland by 2020.

According to Directive 2009/28/EC of the European Parliament and of the Council of April 23, 2009
on the promotion of the use of energy from renewable sources and amending and subsequently
repealing Directives 2001/77/EC and 2003/30/EC, Poland is legally bound to achieve a 15% share of renewables in its overall energy mix by 2020, up from 7.2% in 2005. In 2000, the Polish government introduced a power purchase obligation for renewable energy sources, which was amended in 2003, and again in August 2008. This requires energy suppliers to provide a certain minimum share of power generated by renewable sources (from 3.1% in 2005 up to 10.4% in 2010 and 12.9% in 2017) (source: 2008 GWEC annual report).

Located in Northwestern Poland, Gluchow is a 40 MW project where all development has been concluded and building permission granted.  A PPA is still outstanding, but a five to 10 year PPA is expected and construction is estimated to begin in October 2010.

Oneworld is subject to a number of risks, which may prevent or delay Oneworld from meeting these expectations. Accordingly, actual results may differ materially from the information reflected in the chart above and the information below.

Site Control

The Gluchow wind farm is located around the city of Lodz and the land is secured through a twenty year land ease agreement and a five year option with a single landowner.  Onsite wind data has been collected on site since June 2006 to May 2007 by Vestas. Data collected to date shows a very stable wind resource of 7.3 m/s in 105 m height. Despite the fact that Vestas authored a wind/production report for this site, an independent wind energy consultant will be retained to complete a final study and audit of the wind resource data.

The grid connection for the Gluchow project is secured through the grid agreement with the national utility Energa SA.  Oneworld is buying the project rights for approximately €200,000 per MW. All permissions have been obtained and the project is ready for construction. The project has also obtained a 40,000,000 PLN grant from the EU (equivalent to approximately €10 million) making this project more profitable.  PPA negotiations for the Gluchow project have not yet been initiated, but are expected to commence in the near future. PPAs are negotiated bilateral between the RES supplier and the electricity company.

There are a number of items that will need to be resolved prior to construction:

• Financing of the equity and debt capital required for the project
• Receipt of a suitable Power Purchase Agreement
• Receipt of the environmental permit
• Purchase of wind turbines and converters
• Balance of plant contract with a bankable EPC

Construction of the Gluchow project is expected to begin in October 2010 (or sooner), based upon financial closure and the turbine supply contract.  Civil construction will be completed within 30-60 days of such date (weather permitting) and erection of the turbines would be expected to commence shortly thereafter.  Following successful erection of the 20 turbines, all electrical connections will be made, tested and inspected, followed by commissioning and finally, ongoing operations will begin.