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Four brothers are considering setting up a wind farm on coastal land owned by one of them. They hope to sell electricity they generate to a state-owned utility under a special scheme to encourage renewable energy sources. Technical feasibility tests are favourable but the financing of the project raises many questions. They can only raise about 10% of the money needed themselves and they could borrow or get cheap equity funding through the Business Expansion Scheme (a tax based investment incentive scheme). Best of all, a non-repayable capital grant could be obtained but this could jeopardize their chances of getting the necessary contract to supply electricity under the scheme. Issues include financial feasibility under alternative financing arrangements. An Excel-based spreadsheet containing user-adjustable financial projections accompanies the case (297-024-0). The teaching note includes further spreadsheet based analysis.