In 2005, the CEO of Wind Resources, Inc. needed to value the redevelopment rights on an easement to a promising wind farm site. A consultant's discounted cash flow analysis valued the easement at $13 million, but the CEO wondered if the ability to defer development for as long as three years in the presence of volatile natural gas prices might support a higher price. He was also concerned that the consultant had not properly handled redevelopment risk in his analysis. The case provides background information on the economics of the wind farm industry and on the structuring of alternative energy investments to take advantage of liberal tax incentives.