The wind power industry is growing both in importance and in size but the current technique for valuing wind investments, the DCF-model, has been criticized. This book investigates the real option valuation model as a substitute to the DCF-model and finds that the real option model is suitable for wind power investment valuation. We show how the real option model can be applied to Swedish wind power projects in practice, and using average project data we find substantial option values. One of the most important insights that come from using the real option framework is the strategic gain from taking flexibility into account.