Parsons Peebles new owner of Nordic Windpower

London-based Parsons Peebles Holdings Ltd has acquired a majority equity stake in Swedens only manufacturer of large onshore and offshore wind turbines

UK (PRWEB) September 27, 2003 --Nordic Windpower AB (Nordic) is the only Swedish manufacturer of large wind turbines for onshore and offshore siting. London-based Parsons Peebles Holdings Ltd has acquired a majority equity stake and intends to use Nordics experience to enter the rapidly expanding wind turbine market.

The group has been investigating various opportunities to enter the rapidly expanding market for wind turbine generators and we have reviewed the products offered by the various equipment suppliers. Our conclusion was that Nordic Windpowers two-bladed design provides the market with the most cost-effective solution, both in terms of the initial purchase and the whole of life operating costs. It was Nordics capability to deliver a market leading product that persuaded us to invest in the purchase of a majority holding in the company. We trust that our significant and ongoing investment in the company and the development of its technology will ensure that Nordic becomes a major player in the international wind power business over the coming years." says David Roberts, CEO Parsons Peebles Holdings.

With Parsons Peebles as our new owner Nordic Windpower will have immediate access to a comprehensive sales and marketing network which will allow us to exploit European and other world markets earlier and thus develop at a more rapid rate", says Bruno Bergkvist, the director of Nordic Windpower.

Nordic Windpower has delivered wind turbines to Vattenfall, Vindenergi Vast and World Wind Sverige. Nordic Windpower is currently developing a low maintenance, 'customer friendly 2.3 -- 3 MW wind turbine in a project supported by the European Union. This size of wind turbines, which is among the largest built today, is primarily intended for offshore siting and needs to be designed to withstand a very arduous operating environment.

Parsons Peebles Holdings owns the generator and electrical motor manufacturer Parsons Peebles Machines (based is Rosyth, Scotland), which is a market leader in manufacture and service of generators for industrial power generation and electrical motors for the oil-, gas- and petrochemical industry, primarily in the North Sea, US and Middle East markets. Parsons Peebles Holdings is part of BSC Ltd, annual turnover Euro 350 million, which has a worldwide sales organisation. The group is investigating the transfer of technology to the Scottish-based company to provide the growing UK market with a local supply base.

At the end of 2002 the installed capacity of wind power was 32 037 MW, contributing 0,4% of the electricity generated. The 2002 turnover of the wind turbine market was Euro 7 billion and is growing at a rate of 30% per annum. Market forecasts predict that wind power will satisfy 12% of the worlds electricity demand by the year 2020.
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For further information please contact:

Dr Mike Robinson, Parsons Peebles Holdings, phone +44 7734 102600;
E: mike.robinson@peebles-uk.com
Bruno Bergkvist, Nordic Windpower AB, phone +46 70 625 87 90;
E: bruno.bergkvist@nwp.se

Web: www.nwp.se
Web: www.parsons-peebles.c