00:00 How would you like to build a $500 million wind farm? Here we go. We're going to build a $500 million wind farm. There we go. Here's what it's going to cost. And we've got a business plan. Part of this plan is running it five years and selling it. That's part of the business plan. That's a standard procedure for these things. They're sold like commodities. Five years for us, we're going to sell this thing in five years so we can fully depreciate it because the statute of limitations on depreciation recapture expires in five years. So we're going to sell that thing. Five years and one day, we're going to have money in a bank. Okay, here we go.

00:47 Okay, here's an advertisement for smaller wind turbines like I was going to get into. We're going to make an assumption that these subsidies that are mentioned in this article apply to the big turbines. This article, and I can't believe it, it says these incentives include a 50% federal investment tax credit and a 50% USDA REAP grant. In addition, the turbine can be depreciated under Part 179, allowing for up to, in this case, $90,000 first year. We're going to depreciate it. We're going to take... We're going to either use 179, or in the end of five years, we're going to have it fully depreciated. That's part of the assumption here.

1:40 So according to this, it says there's a USDA REAP grant for 50%. I'm only going to take 30%. 30% of this is $150 million dollars. Okay? That brings our out-of-pocket cost down to $350 million dollars. That's a pretty nice shot in the arm to get off the ground. Now we're going to take a look at this 50% federal investment tax credit. I'm only going to take 30. Let's just knock off another $150 million and leave 20% on the table for just... that makes my numbers work out good. Okay? So here we go. Now we got $200 million dollars out of our pocket to build this $500 million dollar wind farm. Getting better, isn't it? You like it? Okay.

02:44 We haven't depreciated this thing yet. This is the grant. Comes off of here. Here's our basis. We're going to depreciate that fully in five years.
We're in the 50% tax bracket. High as you can get. Depreciation off of $350 million is $175 million dollars. $25 million we got in this thing. How's that look? Like it? Liking it better? Okay. We're getting up there close to five years now. And we put the word out. We've got a $500 million dollar wind farm for sale for half price. We got a bid of $200 million. What do you think? Split the difference? We say, well, how about you do that? We'll do $225 million. $225 million? Yeah, I guess I'll do it. Sold this thing for less than half price. $225 million dollars. Okay?

04:14 We've got $25 million in it. We pay off the bank right here. We got $200 million in the bank. $100 for me, $100 for Julie. But the deal isn't quite closed yet. It was really, really close. So we're having coffee one morning. She says, you know, we better get this thing tied up today. I hope this don't fall apart. Because we got a couple of really mad farmers out there. We must have nicked their tile line. And there's about 35 acres of the best ground on their farms that turned into swamp. And they're hot. And besides that, the grandson of one of the guys tried to pull a grain cart through there. And he got a load of corn stuck. And it took a 100-foot cable, two four-wheel drive tractors, and a loader tractor to get that thing pulled out of there. And now his grain cart don't trail right. Dogs-track a little bit. The tires are wearing out. Boy, those guys are really mad. But we got to get this money divided up. We got to get this deal settled. And dissolve this LLC and get out of town before the commissioners decide that we are a little behind on our property taxes. 

05:37 How's that for a hypothetical? But it could be real. Now the LLC is gone. We got $100 million a piece. Maybe we get back together in Madrid, Spain, at a bar in the basement some night say, hey, you want to build another wind farm and do this again? Well, maybe we will.