CWP Clipper Reg S

    RNS Number : 8515J
  Clipper Windpower PLC
  10 December 2008
   

    Clipper Windpower - Operational and trading update
    London (UK), Carpinteria, CA (USA) - December 10, 2008. Clipper Windpower Plc ("Clipper" or "Company") provides an update on its
activities. 
    As of the end of November 2008, 100 units of the Liberty turbine have successfully achieved over 1,000 operating hours. The turbines are
performing well with average fleet availability above 90 percent, which exceeds the current fleet wide contractual requirements (excluding
turbines shut down in order to undergo blade skin work). Over 95 percent of these turbines are operating at an average of 95 percent
availability.
    For the year to date, Clipper installed 294 units and mechanically completed 250. The Company expects to exceed 300 installed turbines
by year end 2008. The final number of turbines achieving revenue recognition this year will ultimately depend on customers' certifications
of commissioning and their grid connection schedules.
    The 2008 year end cash balance is now expected to be in a range of $150 to $200 million compared to previous estimates of around $250
million. The change in estimate is mainly due to an estimated doubling of accounts receivable balances, certain agreed to customer payment
deferrals, and some delayed commissioning resulting primarily from late customer grid connections. As a result of current credit market
conditions, the Company has renegotiated certain payment terms and delivery schedules for future orders. No orders have been cancelled;
however, certain milestone payments previously expected in late 2008 have been rescheduled into 2009.
    Doug Pertz, President and Chief Executive Officer of Clipper Windpower, said: "I am delighted that we have reached this important
milestone in Clipper's evolution. The achievement of the 100@1000 target is an important endorsement of our technology and its deployment in
the field. I am also pleased with our continued strong pace of turbine installations in line with our previous estimates and customer
commitments." 
    About Clipper Windpower Plc 
    Clipper Windpower Plc, www.clipperwind.com, is a 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.
    

    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
 
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