Description
This is a presentation about company analysis of suzlon
Company Analysis – Suzlon Energy
Strategic Mangement
Global wind Industry
?
In 2006, over 15 GW of new wind power capacity was installed worldwide
? Demand for renewable energy by consumers
? Rising oil and gas prices ? Rising worldwide demand for energy especially in developing countries ? Social shift toward "green" thinking has
positioned wind as a energy source for the
future
Global Trends
Installed Capacity
Cumulative Capacity
Growth
Global wind turbine flow
Wind power installations 1997 - 2006
Global Market Share: Top 10 Wind Turbine Manufacturers (2007)
Source: BTM, 2007,Windpower Monthly
Market Share over the years
Indian Market
?
India – The 4th largest installed wind power capacity in the world and the wind energy leader in
the developing world.
? Domestic policy support for wind power (Ministry for Non-Conventional Energy Sources
,MNES)
? Rise of a leading global wind turbine manufacturer (Suzlon, 52 % market share in India & 5th largest in the world)
Company Overview
Amongst the Top 5 Wind Turbine Manufacturers Globally (2007)???
• • •
End-to-end solution provider No. 1 supplier to the Indian market for the last 9 years Truly Global Player in terms of • • Markets and products Wind turbine and component manufacturing and R&D capability
•
Broad wind turbine product portfolio
Suzlon Energy Limited
?
A Major Force in the Global Wind Industry (Ranked 5th Worldwide) Provides end-to-end wind power solutions Broad spectrum of services: ? Design & Development ? ? ? ? ? ? Wind farm project developer and operator Manufacturing Marketing EPC Project Delivery Operations Maintenance of Wind Turbine Generators
?
?
Company Vision
“
To be a technology leader, to be among the top 3
wind energy companies in the world by leveraging
technological leadership and commercial acumen to
exceed customer expectations and be the most respectable brand which grows fast & is the most
profitable company employing the best team in the
sector”
Company Mission
To pursue technological advancement and combine solutions innovation, and a providing vertically end-to-end integrated
manufacturing strategy to deliver maximum
value to the customer, and to lead the way in
„powering a greener tomorrow
Company Values
• People Strength
•
Aggressive vertical integration strategy
•
Strong R&D program
•
Expanding manufacturing capability
•
Clear focus on R & D
Corporate Social Responsibility
Source :Company Annual Report
The Growth Story
1995: First wind farm project in Gujarat (3 MW) 1997: Det Norse Veritas (DNV) certifies Suzlon with the coveted ISO 9001/2
1998: First Wind Turbine in Maharashtra, Satara District
2000: Commissioned 50 MW Wind turbine generator at Vankhusavade, Maharashtra 2001: Formation of subsidiaries: Suzlon Wind Energy Corp, U SA & Suzlon Energy Gmbh, Germany
The Growth Story
2002: First Export Order, Its First Wind Turbine in the USA
2003: Representative Office in Beijing, China 2005: Korean Order for a 150 MW for the Jeju Wind Farm Project
2006: 200 MW Wind farm Project for Australia Gas & Light Company
2007: 400 MW deal with PPM Energy of Portland, USA Acquired German Wind turbine company RE Power
Client Base…
Suzlon Energy Limited
Established Global Management Headquarters 1995 Amsterdam, Netherlands
International Marketing Headquarters
India Operations Headquarters Chairman & Managing Director Chief Executive Officer
Aarhus, Denmark
Pune, India Tulsi R Tanti Toine van Megen
Suzlon
(Consolidated P&L)
Global Footprint
The geographical break-up of the order book (May „08)
Source : Company Annual Report
Competition
Vestas Established Headquarters 1979(1945) Randers, Denmark €4.861 billion €443 million 15,305 Gamesa 1976 VitoriaGasteiz, Spain €3.274 billion €468 million 5,420 Erercon 1984 Aurich, Germany n/a n/a n/a Suzlon 1995 Amsterdam, Netherlands $3.2 billion $458 million 13,000
Sales Revenue Operating Income Installed Capacity (cu, in MW) Global Presence
60 + countries
20 + countries
15 countries
10 countries
Changing demand trends
SWOT ANALYSIS
Strengths
? ?
Integrated Business Model In-house Technology and Design Capabilitties
?
Market leadership in India and Global presence
Weakness
?
Operational risk
?
Average Financial performance
Opportunities
? ? ? ? ? ?
Environmental awareness and government initiatives Untapped Offshore market Higher growth prospects Has grown 29% annually for last ten years. World's fastest growing source of energy. Next twenty years it is expected to expand at double-digit rates.
? ?
90,000 megawatts installed of wind turbines in 2007. $100+ billion in wind turbines could be sold and shipped around the world.
?
EWEA has set a target to increase electricity supplies in Europe with wind energy from 3% today to 23% by 2030
? ? ?
Plans that 50% of the European grid can be supplied by wind energy Most competitive clean renewable source. cost per kWh of energy produced is expected to be the cheapest source of energy
? ?
Buzz of green business Improved technology for energy storage from intermittent sources
Threats
? ? ? ? ? ?
Intense competition Foreign exchange risk Technology risk Huge RADAR profile threat to national security (Britain Clipper wind power) Expiry of Federal Production TAX credits in USA may slowdown the growth Dangerous for birds
Porter’s???Five???forces
?
Bargaining Power of suppliers
? Vertically integrated ? High dependence on composite material ? Geographically sparse WTG manufacturers ? Cost of Final product significantly higher then the cost on inputs
?
bargaining power of customers
? Institutional buyers
? Large volumes of delivery
?
The threat of substitute products
? Option of other renewable energy sources ? High Switching cost ? Comparable costs with substitute products
?
The threat of the entry of new competitors
? High entry barrier
? Favourable government policies ? Capital intensive
?
The intensity of competitive rivalry
Strategies that worked
Reverse Outsourcing ? Technical expertise built on licensing agreement ? Vertical Integration and Acquisition ? Integrated manufacturing capability ? Innovation practices for transnational firms ? Maintain control of intellectual property rights ? Wide range of offerings
?
1. Reverse Outsourcing
?
International headquarters in Aarhus, Denmark
?
Base of wind energy expertise and extensive network of components suppliers
?
Large available workforce
o
Many former workers for the leading Danish wind companies, Vestas and NEG Micon, had recently been laid off after streamlining in conjunction with the merger of the two companies
2. Technical expertise built on licensing agreement
?
Transfers of older technology, supplementing the knowledge through own R&D
?
Share technical know – how in return for royalty
payments
?
In1995, it entered into a technical collaboration agreement with a German
company, Sudwind
?
In 2001, Suzlon obtained a license to manufacture rotor blades from the company Aerpac B.V, and entered into an agreement with Enron Wind Rotor Production
3. Vertical Integration and Acquisition
?
Step 1 - Acquisition of Hansen for gearbox capacity ? Siemens AG taking control of the market leader in gearboxes, Winergy AG ? Gearbox is a supply bottleneck for WTGs because of long lead times
Step 2 - Enhancing gearbox capacity
?
Suzlon is expanding Hansen?s Belgian capacity to 5,800MW by the end of FY08E and will add 3,500MW of capacity in India by FY09E.
Step 3 - Internal sourcing of gearboxes from Hansen
?
Suzlon to start sourcing gearboxes Hansen in FY08 with 8 % , 25 % and 35 % of Hansen?s sales going to Suzlon in FY08E, FY9E and FY10E
?
Vertical integration by FY08 ? 70,000MT of forging & machining capacity, ? 120,000MT of foundry & machining capacity ? rotor blade testing facility
Step 4: Acquisition of RE Power
?
WTG is becoming a volume game and this helps Suzlon accelerate growth
? ?
Access to European markets Complementary product mix
Suzlon would rank No. 2 in terms of vertical integration after Mitsubishi Power Systems
40
Summarizing Vertical Integration Strategy
4. Integrated manufacturing capability
Support high growth regions-India, China and the US by increasing its in-house manufacturing capabilities
? Lowering wind turbine costs by gaining
greater control over the supply chain, and enable quicker and more efficient assembly and
faster delivery times to customers
? Allows to cut logistics and transaction costs since fewer parties are involved along the chain ? Strong access to local networks
5. Innovation practices for Transnational firms
?
Expansive international innovation networks
?
Allows it to stay abreast of wind technology innovations around the world
?
Globally dispersed operations utilizing regional variation in technical expertise
6. Maintain control of intellectual property rights
?
Built its Indian supply chain through a network of subsidiaries, allowing it to maintain control of the intellectual property associated with its turbine designs.
7. Wide range of offerings
?
Varying packages in different places depending on the price levels; in China, where prices are low, they offer full power plants, but in the U.S., they install cheaper turbine generators
Strategies that might be problematic
•
•
Dependence on U S markets
PTC non extension effect difficult to gauge at the moment
Dependence on U S markets
PTC non extension effect - impact difficult to gauge at the moment
?
The U S Energy Bill did not extend production tax credits (PTC) beyond 2008, creating uncertainty for wind farm
developers
?
In the past, U S wind markets have reacted negatively to
PTC not being extended
?
Renewable Energy Portfolio Standard: by 2020 utilities in all
U S states source 15 %-20 % of power from clean sources
Status: not been implemented yet
?
According to Suzlon, it is unlikely to be negatively affected under the scenario of PTC not being extended beyond December 2008
Way???forward…
Long term Objectives of the
Company
Objective 1: Capacity expansion
• The company is establishing new manufacturing facility in
India to act as a hub for global markets by establishing 3000 MW of new capacity. • This will double the current manufacturing capacity from 2,700 Mw to 5700 Mw • The company's project to establish forging facilities of 70,000 MT capacity and foundry facilities of 120,000 MT capacity . • The aggregate investment on all Suzlon capex projects amounts to Rs 2,961 Cr.
Objective 2: Backlog management: Huge orders bagged around the world
Suzlon reported a strong order book
• Domestic orders: (Rs 18,308.6 Cr (3,454 MW); Rs 886.5 Cr (160 MW) • International orders : Rs 17,422.1 Cr (3,294 MW). Rs 18,308 Cr worth of order backlog is to be executed over 12-15 months (FY09-10)
Suzlon entered several new markets last year, securing orders in Nicaragua, Spain, Brazil, Turkey and took the business from 16 to 21 countries globally.
Objective 3: Future growth path
• Company wants to double the capacity in China up to 1200 MW by 2009. • Suzlon is targeting a capacity of 14300 MW worldwide.
• Management expects growth of 40-50% in F09, against market growth of 20-25%.
• Backward integrating into foundry, forging and machining business in order to secure component supplies for its domestic and international business.
Objective 4: More focus on USA and European countries
More renewable generation in Europe: Energy security and environmental concerns have prompted the EU to raise renewable energy targets to 20% by 2020: This implies around 2.5x growth in the overall proportion of power generated from renewable.
Rising prices of conventional energy may render wind energy attractive: On the back of rising cost of power produced from conventional sources such as coal and gas, we believe utilities will increasingly turn to renewable sources in order to mitigate fuel cost risk for their power portfolios.
Objective 5: Service management
Recurrence of cracks/other defects: the effects of the reinforcement are not yet proven to prevent cracks.
• Inability to rectify problems within slated time frame, triggering warranty provisions: Suzlon has provided 95% uptime commitment for its machines, and needs to complete the repair well within the available time.
• Credibility for new business.
Conclusion
58
Positive road ahead
?
Benefits from domestic legislation ? California's mandate that 25% of electricity will come from clean sources by 2020 and 75 % by 2050 ? US Energy Regulations, like a bill being pushed through Congress over the summer of 2007 mandating that 20% of the United States' electricity will come from clean sources by 2020
? The European Union is looking to get 22% of its energy from
clean sources by 2010 ? China's Renewable Energy Law is planning on raising the
total percentage of renewable energy used in the country to 10% by 2020
?
The Kyoto protocol ? Mandating emissions caps and through cap-and-trade
systems of trading carbon credits has potential to benefit Suzlon
as many countries make the transition to renewable energy such
as wind power
?
Fiscal policy (subsidy trend) ? US Government provides tax credits for wind energy producers and India gives tax breaks and financial incentives
? ?
Growing energy market Consumer Demand for Renewable Energy and Clean Energy
Problems ahead
?
Reputation at stake ? In early 2008, U.S. customers complained of cracking turbine blades, reputation of faulty turbines
?
India?s relatively undeveloped national infrastructure meant that transport and installation of megawatt-scale wind power technology is difficult
?
Lobbying by environmentalists
? Turbines take up land, man-made installation can have adverse effects on terrestrial ecosystems ? Effect of bird migration patterns and numerous turbine-related bird deaths
Thank You
doc_595399103.pptx
This is a presentation about company analysis of suzlon
Company Analysis – Suzlon Energy
Strategic Mangement
Global wind Industry
?
In 2006, over 15 GW of new wind power capacity was installed worldwide
? Demand for renewable energy by consumers
? Rising oil and gas prices ? Rising worldwide demand for energy especially in developing countries ? Social shift toward "green" thinking has
positioned wind as a energy source for the
future
Global Trends
Installed Capacity
Cumulative Capacity
Growth
Global wind turbine flow
Wind power installations 1997 - 2006
Global Market Share: Top 10 Wind Turbine Manufacturers (2007)
Source: BTM, 2007,Windpower Monthly
Market Share over the years
Indian Market
?
India – The 4th largest installed wind power capacity in the world and the wind energy leader in
the developing world.
? Domestic policy support for wind power (Ministry for Non-Conventional Energy Sources
,MNES)
? Rise of a leading global wind turbine manufacturer (Suzlon, 52 % market share in India & 5th largest in the world)
Company Overview
Amongst the Top 5 Wind Turbine Manufacturers Globally (2007)???
• • •
End-to-end solution provider No. 1 supplier to the Indian market for the last 9 years Truly Global Player in terms of • • Markets and products Wind turbine and component manufacturing and R&D capability
•
Broad wind turbine product portfolio
Suzlon Energy Limited
?
A Major Force in the Global Wind Industry (Ranked 5th Worldwide) Provides end-to-end wind power solutions Broad spectrum of services: ? Design & Development ? ? ? ? ? ? Wind farm project developer and operator Manufacturing Marketing EPC Project Delivery Operations Maintenance of Wind Turbine Generators
?
?
Company Vision
“
To be a technology leader, to be among the top 3
wind energy companies in the world by leveraging
technological leadership and commercial acumen to
exceed customer expectations and be the most respectable brand which grows fast & is the most
profitable company employing the best team in the
sector”
Company Mission
To pursue technological advancement and combine solutions innovation, and a providing vertically end-to-end integrated
manufacturing strategy to deliver maximum
value to the customer, and to lead the way in
„powering a greener tomorrow
Company Values
• People Strength
•
Aggressive vertical integration strategy
•
Strong R&D program
•
Expanding manufacturing capability
•
Clear focus on R & D
Corporate Social Responsibility
Source :Company Annual Report
The Growth Story
1995: First wind farm project in Gujarat (3 MW) 1997: Det Norse Veritas (DNV) certifies Suzlon with the coveted ISO 9001/2
1998: First Wind Turbine in Maharashtra, Satara District
2000: Commissioned 50 MW Wind turbine generator at Vankhusavade, Maharashtra 2001: Formation of subsidiaries: Suzlon Wind Energy Corp, U SA & Suzlon Energy Gmbh, Germany
The Growth Story
2002: First Export Order, Its First Wind Turbine in the USA
2003: Representative Office in Beijing, China 2005: Korean Order for a 150 MW for the Jeju Wind Farm Project
2006: 200 MW Wind farm Project for Australia Gas & Light Company
2007: 400 MW deal with PPM Energy of Portland, USA Acquired German Wind turbine company RE Power
Client Base…
Suzlon Energy Limited
Established Global Management Headquarters 1995 Amsterdam, Netherlands
International Marketing Headquarters
India Operations Headquarters Chairman & Managing Director Chief Executive Officer
Aarhus, Denmark
Pune, India Tulsi R Tanti Toine van Megen
Suzlon
(Consolidated P&L)
Global Footprint
The geographical break-up of the order book (May „08)
Source : Company Annual Report
Competition
Vestas Established Headquarters 1979(1945) Randers, Denmark €4.861 billion €443 million 15,305 Gamesa 1976 VitoriaGasteiz, Spain €3.274 billion €468 million 5,420 Erercon 1984 Aurich, Germany n/a n/a n/a Suzlon 1995 Amsterdam, Netherlands $3.2 billion $458 million 13,000
Sales Revenue Operating Income Installed Capacity (cu, in MW) Global Presence
60 + countries
20 + countries
15 countries
10 countries
Changing demand trends
SWOT ANALYSIS
Strengths
? ?
Integrated Business Model In-house Technology and Design Capabilitties
?
Market leadership in India and Global presence
Weakness
?
Operational risk
?
Average Financial performance
Opportunities
? ? ? ? ? ?
Environmental awareness and government initiatives Untapped Offshore market Higher growth prospects Has grown 29% annually for last ten years. World's fastest growing source of energy. Next twenty years it is expected to expand at double-digit rates.
? ?
90,000 megawatts installed of wind turbines in 2007. $100+ billion in wind turbines could be sold and shipped around the world.
?
EWEA has set a target to increase electricity supplies in Europe with wind energy from 3% today to 23% by 2030
? ? ?
Plans that 50% of the European grid can be supplied by wind energy Most competitive clean renewable source. cost per kWh of energy produced is expected to be the cheapest source of energy
? ?
Buzz of green business Improved technology for energy storage from intermittent sources
Threats
? ? ? ? ? ?
Intense competition Foreign exchange risk Technology risk Huge RADAR profile threat to national security (Britain Clipper wind power) Expiry of Federal Production TAX credits in USA may slowdown the growth Dangerous for birds
Porter’s???Five???forces
?
Bargaining Power of suppliers
? Vertically integrated ? High dependence on composite material ? Geographically sparse WTG manufacturers ? Cost of Final product significantly higher then the cost on inputs
?
bargaining power of customers
? Institutional buyers
? Large volumes of delivery
?
The threat of substitute products
? Option of other renewable energy sources ? High Switching cost ? Comparable costs with substitute products
?
The threat of the entry of new competitors
? High entry barrier
? Favourable government policies ? Capital intensive
?
The intensity of competitive rivalry
Strategies that worked
Reverse Outsourcing ? Technical expertise built on licensing agreement ? Vertical Integration and Acquisition ? Integrated manufacturing capability ? Innovation practices for transnational firms ? Maintain control of intellectual property rights ? Wide range of offerings
?
1. Reverse Outsourcing
?
International headquarters in Aarhus, Denmark
?
Base of wind energy expertise and extensive network of components suppliers
?
Large available workforce
o
Many former workers for the leading Danish wind companies, Vestas and NEG Micon, had recently been laid off after streamlining in conjunction with the merger of the two companies
2. Technical expertise built on licensing agreement
?
Transfers of older technology, supplementing the knowledge through own R&D
?
Share technical know – how in return for royalty
payments
?
In1995, it entered into a technical collaboration agreement with a German
company, Sudwind
?
In 2001, Suzlon obtained a license to manufacture rotor blades from the company Aerpac B.V, and entered into an agreement with Enron Wind Rotor Production
3. Vertical Integration and Acquisition
?
Step 1 - Acquisition of Hansen for gearbox capacity ? Siemens AG taking control of the market leader in gearboxes, Winergy AG ? Gearbox is a supply bottleneck for WTGs because of long lead times
Step 2 - Enhancing gearbox capacity
?
Suzlon is expanding Hansen?s Belgian capacity to 5,800MW by the end of FY08E and will add 3,500MW of capacity in India by FY09E.
Step 3 - Internal sourcing of gearboxes from Hansen
?
Suzlon to start sourcing gearboxes Hansen in FY08 with 8 % , 25 % and 35 % of Hansen?s sales going to Suzlon in FY08E, FY9E and FY10E
?
Vertical integration by FY08 ? 70,000MT of forging & machining capacity, ? 120,000MT of foundry & machining capacity ? rotor blade testing facility
Step 4: Acquisition of RE Power
?
WTG is becoming a volume game and this helps Suzlon accelerate growth
? ?
Access to European markets Complementary product mix
Suzlon would rank No. 2 in terms of vertical integration after Mitsubishi Power Systems
40
Summarizing Vertical Integration Strategy
4. Integrated manufacturing capability
Support high growth regions-India, China and the US by increasing its in-house manufacturing capabilities
? Lowering wind turbine costs by gaining
greater control over the supply chain, and enable quicker and more efficient assembly and
faster delivery times to customers
? Allows to cut logistics and transaction costs since fewer parties are involved along the chain ? Strong access to local networks
5. Innovation practices for Transnational firms
?
Expansive international innovation networks
?
Allows it to stay abreast of wind technology innovations around the world
?
Globally dispersed operations utilizing regional variation in technical expertise
6. Maintain control of intellectual property rights
?
Built its Indian supply chain through a network of subsidiaries, allowing it to maintain control of the intellectual property associated with its turbine designs.
7. Wide range of offerings
?
Varying packages in different places depending on the price levels; in China, where prices are low, they offer full power plants, but in the U.S., they install cheaper turbine generators
Strategies that might be problematic
•
•
Dependence on U S markets
PTC non extension effect difficult to gauge at the moment
Dependence on U S markets
PTC non extension effect - impact difficult to gauge at the moment
?
The U S Energy Bill did not extend production tax credits (PTC) beyond 2008, creating uncertainty for wind farm
developers
?
In the past, U S wind markets have reacted negatively to
PTC not being extended
?
Renewable Energy Portfolio Standard: by 2020 utilities in all
U S states source 15 %-20 % of power from clean sources
Status: not been implemented yet
?
According to Suzlon, it is unlikely to be negatively affected under the scenario of PTC not being extended beyond December 2008
Way???forward…
Long term Objectives of the
Company
Objective 1: Capacity expansion
• The company is establishing new manufacturing facility in
India to act as a hub for global markets by establishing 3000 MW of new capacity. • This will double the current manufacturing capacity from 2,700 Mw to 5700 Mw • The company's project to establish forging facilities of 70,000 MT capacity and foundry facilities of 120,000 MT capacity . • The aggregate investment on all Suzlon capex projects amounts to Rs 2,961 Cr.
Objective 2: Backlog management: Huge orders bagged around the world
Suzlon reported a strong order book
• Domestic orders: (Rs 18,308.6 Cr (3,454 MW); Rs 886.5 Cr (160 MW) • International orders : Rs 17,422.1 Cr (3,294 MW). Rs 18,308 Cr worth of order backlog is to be executed over 12-15 months (FY09-10)
Suzlon entered several new markets last year, securing orders in Nicaragua, Spain, Brazil, Turkey and took the business from 16 to 21 countries globally.
Objective 3: Future growth path
• Company wants to double the capacity in China up to 1200 MW by 2009. • Suzlon is targeting a capacity of 14300 MW worldwide.
• Management expects growth of 40-50% in F09, against market growth of 20-25%.
• Backward integrating into foundry, forging and machining business in order to secure component supplies for its domestic and international business.
Objective 4: More focus on USA and European countries
More renewable generation in Europe: Energy security and environmental concerns have prompted the EU to raise renewable energy targets to 20% by 2020: This implies around 2.5x growth in the overall proportion of power generated from renewable.
Rising prices of conventional energy may render wind energy attractive: On the back of rising cost of power produced from conventional sources such as coal and gas, we believe utilities will increasingly turn to renewable sources in order to mitigate fuel cost risk for their power portfolios.
Objective 5: Service management
Recurrence of cracks/other defects: the effects of the reinforcement are not yet proven to prevent cracks.
• Inability to rectify problems within slated time frame, triggering warranty provisions: Suzlon has provided 95% uptime commitment for its machines, and needs to complete the repair well within the available time.
• Credibility for new business.
Conclusion
58
Positive road ahead
?
Benefits from domestic legislation ? California's mandate that 25% of electricity will come from clean sources by 2020 and 75 % by 2050 ? US Energy Regulations, like a bill being pushed through Congress over the summer of 2007 mandating that 20% of the United States' electricity will come from clean sources by 2020
? The European Union is looking to get 22% of its energy from
clean sources by 2010 ? China's Renewable Energy Law is planning on raising the
total percentage of renewable energy used in the country to 10% by 2020
?
The Kyoto protocol ? Mandating emissions caps and through cap-and-trade
systems of trading carbon credits has potential to benefit Suzlon
as many countries make the transition to renewable energy such
as wind power
?
Fiscal policy (subsidy trend) ? US Government provides tax credits for wind energy producers and India gives tax breaks and financial incentives
? ?
Growing energy market Consumer Demand for Renewable Energy and Clean Energy
Problems ahead
?
Reputation at stake ? In early 2008, U.S. customers complained of cracking turbine blades, reputation of faulty turbines
?
India?s relatively undeveloped national infrastructure meant that transport and installation of megawatt-scale wind power technology is difficult
?
Lobbying by environmentalists
? Turbines take up land, man-made installation can have adverse effects on terrestrial ecosystems ? Effect of bird migration patterns and numerous turbine-related bird deaths
Thank You
doc_595399103.pptx