Raiffeisen Capital & Investment - Company News Transelectrica Transelectrica - Parent company of wind park developer plans to withdraw legal action , Feb 21, 2012

Parent company of wind park developer plans to withdraw legal action

According to Platts Energy in East Europe, an information services provider focused on the energy sector, Eolica Dobrogea (Schweiz), the Swiss-based developer of wind projects in Romania, plans to withdraw the legal action launched independently by the administrator of its Romanian subsidiary against Transelectrica. According to Christoph Kapp, the sole board member of Eolica Dobrogea (Schweiz) cited in the article, the Swiss holding company was in the process of removing the administrator of Eolica Dobrogea SRL and once that will be done they will withdraw from the court actions initiated.

Kapp said it had been granted last week a three-month extension until May 18 to its grid connection contract in order to fulfill the conditions precedent set forth in the grid connection contract for 600 MW at Tariverde.

Given this new development we withdraw our previous negative opinion on the news regarding the suit brought forward by Eolica Dobrogea against Transelectrica and we rerate the news as neutral.

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