The combined asset base and management team create powerful opportunities for growth. I am looking forward to managing CAPGEN and unlocking the value of one of the largest independently owned wind development portfolios in the world. I am also looking forward to developing projects with Clipper's Liberty turbine technology, which is one of the best and most advanced in the industry.
Carpinteria, California (PRWEB) September 6, 2007
Clipper Windpower Plc ("Clipper"), a rapidly growing manufacturer of advanced wind turbines and developer of wind energy projects today announced the signing of an agreement with Hemeretik, the Spanish construction and real estate group, combining the renewable energy assets held by their wholly-owned subsidiaries, Clipper Windpower Development and Helium (the "Companies") to form Clipper Capital and Generation ("CAPGEN").
CAPGEN will operate a global renewable energy development business with a pipeline in excess of 10,500 MW in wind development assets, ranging from early stage prospects to mature projects. CAPGEN's portfolio is located predominately in the U.S., one of the fastest growing wind markets in the world. Hemeretik is contributing assets located in Spain, other European countries and Latin America.
The new company will be managed by an experienced international development team led by Pedro Barriuso. Mr. Barriuso has led Helium's development for the past year, and was previously the Head of Iberdrola Renewables from 2002 to 2006, a period of rapid growth through both acquisitions and development, where he helped to create the world's largest international wind development company.
"This transaction will achieve our stated goal of accelerating project development and gaining maximum value from our development portfolio," said James G.P. Dehlsen, Chairman and CEO of Clipper Windpower. CAPGEN will be managed by one of the strongest teams in the industry, with unequalled experience developing wind projects around the world" added Dehlsen. "The presence of an experienced, globally dedicated management team and existing European assets will significantly speed the entry for Clipper turbines in the established and growing European market."
"CAPGEN will be a premiere international platform in the wind industry," said Pedro Barriuso, CEO of Helium. "The combined asset base and management team create powerful opportunities for growth. I am looking forward to managing CAPGEN and unlocking the value of one of the largest independently owned wind development portfolios in the world. I am also looking forward to developing projects with Clipper's Liberty turbine technology, which is one of the best and most advanced in the industry."
CAPGEN will benefit from a long-term supply agreement for Clipper's Liberty turbines and subsequent technology introductions as it develops, finances, builds, owns and operates wind energy projects globally. CAPGEN will initially be 72% owned by Clipper and 28% by Hemeretik. Completion of this transaction, which is subject to normal practice regulatory approvals, is expected in the fourth quarter of 2007.
Hemeritek, http://www.hemeretik.es, is a privately owned Spanish-based construction and real estate group with revenues of EUR 220 mm in 2006 which has expanded its activities into the renewable energy sector.
The group saw growth in 2006 of 45 percent, and its businesses in the construction and real estate sector increased turnover by 100 percent.
Helium is a fast growing renewable energy company specializing in the development and investment in renewable energies, 90% owned by Hemeretik and 10% owned by its management team. It was formed in 2006 by Pedro Barriuso and a team of former Iberdrola Management with the mission of creating an international renewable energy company focused on wind power and solar power. The company analyses, promotes, develops, invests and operates renewable energy projects in Europe and internationally.
About Clipper Windpower
Clipper Windpower, http://www.clipperwind.com, is a rapidly growing company engaged in wind energy technology, turbine manufacturing, and wind project development. With offices in the USA (California, Colorado, Iowa and Maryland), Mexico, Denmark and the United Kingdom, and a ISO9001:2000 QMS Certified, 310,000 square foot manufacturing and assembly facility located in Cedar Rapids, Iowa, the company designs advanced wind turbines, manufactures its 2.5-MW Liberty wind turbine and actively develops wind power generating projects in the Americas and Europe. Clipper is a public company listed on the London Stock Exchange's Alternative Investment Market (AIM). Clipper's ticker symbol is CWP.
The ordinary shares of Clipper Windpower Plc are traded on the Alternative Investment Market of the London Stock Exchange and are not registered under the U.S. Securities Act of 1933, as amended. Such shares may not be offered or sold to residents of the United States or to persons acting on their behalf, or to other persons who are "United States Persons" within the meaning of Regulation S as promulgated under the Securities Act of 1933, unless such shares have been registered under the Securities Act or there is an available exemption from registration.
For more information contact:
Mary McCann-Gates - Director, Global Communications
Clipper Windpower, Inc.
6305 Carpinteria Avenue, Suite 300, Carpinteria, CA 93013
661.301.0400 (int'l mobile)
mmccann @ clipperwind.com
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