BP's leadership in recognizing and acting on its commitment to increase its international renewable energy portfolio is exemplary
Carpinteria, CA (PRWEB) July 30, 2008
Clipper Windpower Plc ("Clipper") today announced that it has entered into a 50:50 joint venture, the ("JV"), with BP Alternative Energy ("BP") to develop the Titan wind project, a 5,050 MW South Dakota-sited wind energy project formerly known as Rolling Thunder. The project is expected to be constructed in multiple phases and, if completed, will be the world's largest wind facility.
In accordance with the terms of the agreement, Clipper and BP will combine their 50:50 interests in a previously announced 1,550 MW South Dakota joint venture project together with a further 3,500 MW contiguous wind resource to form the expanded 5,050 MW, 50:50 joint venture.
In addition, the JV has agreed it will enter into a Master Turbine Supply Agreement ("MTSA") which will enable the supply of up to 2,020 of Clipper's 2.5 MW Liberty wind turbines upon the Project's successful phase development and subject to the satisfaction of certain conditions in accordance with the MTSA.
"BP's leadership in recognizing and acting on its commitment to increase its international renewable energy portfolio is exemplary" said James GP Dehlsen, Clipper's Chairman and Chief Executive Officer. "We are pleased to be moving forward with this milestone development which will provide clean, renewable, and home grown power for approximately 1.5 million average American homes and offset nearly 24 billion pounds of carbon dioxide that would have otherwise been released into our atmosphere if produced by traditional means [according to the national energy mix]."
Dehlsen added, "Both South and North Dakota, with their abundant and renewable wind energy resources are an important part of our Nation's clean energy, and energy secure future. We look forward to this and future world-class projects of this caliber which continue to be spurred by the growing demand for environmentally responsible and sustainable energy solutions."
Project development of the Titan project is underway. The project's Liberty turbines, at 2.5 MW of capacity, are the largest wind turbines built in the Americas.
About Clipper Windpower plc
Clipper Windpower is a rapidly growing company engaged in wind energy technology, turbine manufacturing, and wind project development. With offices in the United Kingdom, United States of America (California, Colorado, Iowa, and Maryland), Denmark, and Mexico and a ISO9001:2000 QMS Certified, 330,000 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.
Forward Looking Statements
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