In a sense you are getting the wind business for free, and are buying into to a company that is doing well in the UAV market with the stock reflecting the defense earnings. But there is potential for profits from wind investment. Their Architectural Wind segment builds small modular wind turbines that connect to existing skyscrapers and other tall buildings and structures that are most likely to catch the wind. This allows a company to begin generating energy from the turbines without building a new structure, which is not only expensive and time consuming, but could require permitting and other hassles. Nonetheless, keep in mind that right now the near-term earnings are reflecting the defense business - which is looking pretty good.

The other company mentioned is the Otter Tail Corporation, a utility founded in 1907 and serving 129,000 customers in the U.S. and internationally. In addition to exposure to the utility industry, the company invests its excess cash in other subsidiary business, including those with specialties with polyvinyl chloride and polyethylene pipes, waterfront equipment, material and handling trays, horticultural containers, metal parts stamping and fabrication, diagnostic medical equipment, diagnostic imaging services, food ingredient processing, waste water and HVAC system construction, fiber optics, and electric distribution systems, among others. Yes, I know what you are thinking - kind of like a mini-conglomerate, Berkshire Hathaway-type of stock. The market has not recently been kind to such stocks, but OTTR appears to be an exception. The market cap of the company is around $1.3 billion. It has a trailing P/E of 25.7, and forward P/E of 19.6. The PEG Ratio is 2.82, with a quarterly revenue growth rate year-over-year of 26.8%. Bill Gates is the second largest shareholder in Otter Tail.

Source: StockCharts.com
As for wind exposure, one of OTTR's businesses of interests is DMI Industries, a large maker of wind towers. Demand for wind towers has been strong, with orders stretching into 2012, causing DMI to open new plants. The new plants are expected to give the company the ability to produce and deliver off-shore wind towers, as well as more easily ship to expanding European and South American markets. Company management continues to express how demand is increasing rapidly, and the new plants will allow them to meet existing demand and expand as demand continues to increase, which is expected.

For those interested, other wind plays with varying levels of pure-play exposure also exist.