Lehman Brothers Funds Tax Equity Investment

RNS Number : 2722C
Clipper Windpower PLC
29 August 2008

Lehman Brothers Funds Tax Equity Investment In 20 MW Project Employing First Production 2.5 MW Clipper "Liberty" Turbines

London, (UK), Carpinteria, CA (USA) * 29 August 2008: Clipper Windpower Plc ("Clipper" or "the Company"), a rapidly growing manufacturer of
advanced wind turbines and developer of wind energy projects, announces that First Wind, an independent developer of wind power in the
United States, has today confirmed that Lehman Brothers Holdings, Inc. has funded a tax equity investment in the 20 megawatt (MW) Steel
Winds wind power project operating in Lackawanna, N.Y.

This project was built with the first eight 2.5 MW Clipper "Liberty" turbines produced at Clipper's Cedar Rapids facility. Recognized by
the U.S. Department of Energy and the National Renewable Energy Laboratory for its "unparalleled levels of efficiency and reliability and
reduced cost of energy", Liberty is the largest wind turbine built in the Americas.

"We're pleased to close and fund this tax equity financing of Clipper turbines with one of the world's top investment banks," said Tim
Rosenzweig, First Wind's SVP of Finance. "The Lehman Brothers financing follows the successful turbine supply and construction loans for
Clipper equipment we closed with HSH Nordbank and Nord LB last year."

James GP Dehlsen, Clipper's Chairman and Chief Executive Officer said, "We believe the Liberty turbine offers a break-through in wind
turbine architecture that is increasingly earning the respect and confidence of the energy and financial communities. We are delighted with
the recent funding of a tax equity investment in our first production Liberty turbines by Lehman Brothers and the interest the technology is
receiving from an increasing number of Fortune 500 companies."

"The interest in our advanced technologies, as well as the substantial increase in industry-wide wind turbine sales, further exemplifies
the world's growing confidence in the benefits that can be achieved by increasing wind energy's contribution to the global energy mix"
Dehlsen added.

First Wind is a leading independent wind power developer backed by affiliates of Madison Dearborn Partners and D.E. Shaw.

For further information, please contact:

Investors
Jenny Matthews
+44 (0) 20 7820 1078

Financial Press
Patrick d'Ancona or Charlotte Kirkham
M:Communications
+44 (0)20 7153 1531 / 1533

Business and Trade Press
Mary Gates
Director, Global Communications
Clipper Windpower
+ 1 (661) 301-0400

Notes to Editors:

About Clipper Windpower Plc
Clipper Windpower, www.clipperwind.com, 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.

About First Wind
First Wind is a leading independent North American wind energy company focused exclusively on the development, ownership and operation
of wind energy projects. For more information on First Wind, please visit www.firstwind.com.

About Lehman Brothers Holdings, Inc.
Lehman Brothers (ticker symbol: LEH), an innovator in global finance, serves the financial needs of corporations, governments and
municipalities, institutional clients, and high net worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership
positions in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and
private equity. The Firm is headquartered in New York, with regional headquarters in London and Tokyo, and operates in a network of offices
around the world. For further information about Lehman Brothers' services, products and recruitment opportunities, visit the Firm's Web site
at www.lehman.com.

About D.E. Shaw Group
The D. E. Shaw group is a specialized investment and technology development firm founded in 1988 by Dr. David E. Shaw. Headquartered in
New York, the D. E. Shaw group encompasses a number of closely related entities with approximately $20 billion in aggregate capital. The D.
E. Shaw group is engaged in a broad spectrum of investment activities, including direct capital and private equity activities.

About Madison Dearborn Partners
Madison Dearborn Partners, based in Chicago, is one of the largest and most experienced private equity investment firms in the United
States. MDP has approximately $14 billion of equity capital under management, and makes new investments through its most recent funds,
Madison Dearborn Capital Partners IV, L.P., a $4 billion investment fund raised in 2001 and Madison Dearborn Capital Partners V, L.P., a
$6.5 billion investment fund raised in 2006. MDP focuses on management buyout transactions and other private equity investments across a
broad spectrum of industries, including basic industries, energy & power, communications, consumer, financial services, and health care. For
more information, please visit the MDP website at www.mdcp.com.

This information is provided by RNS
The company news service from the London Stock Exchange

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