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s modelling Leonardo Venablers – Services aligned to overe specific growth inhibitors of respective renewable energy sectors Vision Venture Value Wind Photovoltaic Solar thermal Biofuels Biomass Page 5 169。 ? The European market place for wind park projects Agenda ? Leonardo Venablers Page 6 169。 The renewable energy dilemma requires a thorough investment strategy for internationalization ? Resources in most attractive regions often overdeveloped ? Regulation subject to political swings and not harmonised ? Realization faces local barriers to influence stake holders and offtakers ? Reach for decentralised projects and pipelines limited by lack of transparency ? Return requirements of corporate and financial investors are peting International Investments: Big picture vs. opportunity driven? 191。…? The renewable energy dilemma Page 7 169。 Germany France Spain Italy UK captive noncaptive Rela