Considering this funding was obtained in the midst of a significant downturn throughout the world's credit markets, we view this financing as an indication of growing acceptance and confidence in the Liberty wind turbine design.
London, UK and Carpinteria, CA (PRWEB) August 13, 2009
Clipper Windpower Plc ("Clipper") today announced that two wind energy projects comprising Clipper 2.5 MW Liberty wind turbines were among projects for which $191 million of financing was announced by First Wind on July 21, 2009.
An independent developer and operator of wind power in the U.S. and one of Clipper's long standing customers, First Wind, obtained debt financing for three projects which total 202 MW of which Clipper turbines comprise 145 MW. Proceeds from the financing transactions will be used by First Wind to further their development activity and for general corporate purposes.
"This transaction is among the first financings supported by Liberty wind turbines," said Doug Pertz, President and Chief Executive Officer of Clipper. "Considering this funding was obtained in the midst of a significant downturn throughout the world's credit markets, we view this financing as an indication of growing acceptance and confidence in the Liberty wind turbine design."
First Wind attained financing for its Milford wind energy project in Utah earlier this year. The project, which includes 58 Liberty wind turbines, is the largest in the state at 203 MW. Clipper's 2.5 MW Liberty is the largest wind turbine built in the United States, and comprises over 50% U.S. content - more than any other utility-scale wind turbine currently deployed in the U.S. First serially manufactured in early 2007, the Liberty fleet is deployed in 17 projects throughout the U.S., with a total of more than 375 turbines, representing over 938 MW currently in operation.
Clipper Windpower Plc, http://www.clipperwind.com, is a company engaged in wind energy technology, turbine manufacturing, and wind project development. 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's primary offices are in the United Kingdom and in California, USA. The Company's 330,000 square foot manufacturing and assembly facility, located in Cedar Rapids, Iowa, is ISO9001:2000 QMS Certified. 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 further information, please contact:
Business & Trade Press:
Director, Global Communications
Clipper Windpower, Inc.
+1 661 301 0400
Investor Relations Director
+44 (0)20 7820 1078
JPMorgan Cazenove (Nominated Adviser and Corporate Broker to Clipper):
+44 (0)207 588 2828
Patrick d'Ancona or Charlotte Kirkham
+44 (0)20 7153 1547 / 1531