Company Profiles

EDP Renovaveis

Portugal

EDP Renovaveis is a renewable energy company focused on electricity production from wind power, with facilities primarily in Europe and the U.S. The company sees opportunity for growth in renewable energy in the coming years, and has published details of its project plans and investments to expand its installed wind capacity to over 10,000 megawatts by 2012. EDP Renovaveis articulates the advantages of renewable energy and its role in reducing consumption of fossil fuels but admits "...the solution [to climate change] does not only consist of new forms of generating energy. The way in which we consume energy also has to change." The company has implemented guidelines to minimize the environmental impact of its wind farms during project design, construction, operation, and deactivation. Areas for improvement include reporting on environmental measures across all facilities, including the company's climate change impact.

To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 9/30/08 and may not reflect current opinions or subsequent events. Current and future portfolio holdings are subject to risk.