Re: Titan Agreement
October 22 2008 - 2:00AM
UK Regulatory
RNS Number : 4011G
Clipper Windpower PLC
22 October 2008
CLIPPER WINDPOWER AND BP WIND ENERGY COMPLETE JOINT VENTURE AGREEMENT FOR TITAN WIND PROJECT
Master Turbine Supply Agreement Provides Opportunity To Supply Up To
2,020 Turbines
London (UK), Carpinteria, CA (USA) -October 22, 2008 Clipper Windpower Plc ("Clipper") today announced that it has completed its 50:50
joint venture ("JV") agreement with BP Wind Energy for the development of the Titan wind project, a 5,050 megawatt (MW) wind energy
development located in South Dakota. The project is expected to be constructed in multiple phases and, when completed, will be among the
world's largest wind facilities.
The new venture has signed a Master Turbine Supply Agreement for the purchase of up to 2,020 Liberty wind turbines, if the project is
fully built, from Clipper for the Titan wind project subject to pre-agreed conditions.
Under the terms of this agreement, in addition to wind turbine supply, Clipper would provide operations and maintenance services for the
Titan wind project for a period of five years.
In line with the transaction terms communicated to the market on July 30, 2008, a payment of $26.25 million is being paid by BP to
Clipper in connection with BP's purchase of 50% interest in the JV. Clipper will apply $8.75 million of this amount to the JV to fund a
portion of Titan's development activities.
Clipper's Liberty 2.5 MW wind turbine is designed to minimize unscheduled maintenance events over its 20-year life through a highly
efficient, patented Quantum Drive� distributed generation power train and proprietary permanent magnet generator technology. Variable speed
operation is achieved in a simpler and more efficient manner than standard wind turbines. The Liberty wind turbine was tested at the
National Renewable Energy Laboratory, and in 2007, Clipper was recognized by the U.S. Department of Energy for its "outstanding contribution
toward industry advancements" through an Outstanding Research and Development Partnership Award which recognizes the Liberty wind turbine
for attaining "unparalleled levels of efficiency and reliability and reduced cost of energy."
About Clipper Windpower Plc
Clipper Windpower Plc, 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 an 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.
���
For further information please contact:
Investors:
Jenny Matthews
Investor Relations Director
+44 (0)20 7820 1078
JPMorgan Cazenove (Nominated Adviser and Corporate Broker to Clipper)
Patrick Magee
+44 (0)207 588 2828
Financial Press:
Patrick d'Ancona
M: Communications
+44 (0)20 7153 1547
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGXBDGUUDGGID
Clipper Windpower (LSE:CWP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Clipper Windpower (LSE:CWP)
Historical Stock Chart
From Jul 2023 to Jul 2024
