Grid connection contract for 600 MW of wind power in Romania - Rectification regarding press statements

Bucharest - 21 februarie 2012 - In the past days, there were rumours in the Romanian media regarding legal actions initiated by Eolica Dobrogea Srl. with reference to the grid connection at Tariverde for 600 MW of wind power. As a 95% Shareholder of Eolica Dobrogea Srl., we take this opportunity to inform correctly and truthfully with reference to the above.

The actual Administrator of Eolica Dobrogea Srl., Mr. Corneliu Dica, decided in his own discretion and intention to initiate in the name of Eolica Dobrogea Srl. legal actions against several Romanian institutions, entities and persons, among others the Romanian grid operator Transelectrica SA and the country’s energy regulator, ANRE. This step of the Administrator has been taken by himself without any legal basis, in complete breach of all ethic and business codes and rules and without any approval of our company as a 95% Shareholder of Eolica Dobrogea Srl.

In the meanwhile we initiated the legal procedure required to replace the actual Administrator of Eolica Dobrogea Srl. with a trustful and responsible new manager. This will, based on the legal system in Romania, require some time. Once this new management will be in place, one of the actions and measures will be the immediate withdraw of the legal actions, litigations and court files initiated by the former Administrator, Mr. Corneliu Dica. This will then hopefully lead again to a well established and professional business relationship between ANRE, Transelectrica SA and Eolica Dobrogea Srl. This is our commitment.

With date of February 17th, 2012, our company received from Transelectrica SA an extension of the time period to fulfil the little remaining conditions precedent of our grid connection contract C63, which allows us to connect at Tariverde, Dobrogea, 600 MW of wind power to the national grid. This engagement of Transelectrica SA shows, despite the inacceptable legal steps taken by the actual Administrator of Eolica Dobrogea Srl., that the grid operator is strongly interested in the implementation of our task to connect 600 MW of wind power to Transelectrica’s grid. We express our thank for this towards the grid operator.

We will do our utmost to rectify the unprofessional and completely contra-productive steps taken by the actual management of Eolica Dobrogea Srl. in the shortest period of time possible.

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