Renewable energy company Clipper Windpower PLC (CWP.LN) Thursday said United Technologies Corp. (UTX) has agreed to buy almost 50% of its equity, in a move that will give Clipper a substantial capital boost and access to United's expertise in high-tech manufacturing.

United, the maker of Sikorsky helicopters and Pratt & Witney jet engines, has agreed to invest GBP126.5 million in Clipper in exchange for a 39% stake in the firm, and has also agreed to buy another 21.8 million shares from shareholders at 180 pence a share, a 23% premium to Wednesday's closing price.

The deal will give United a 49.5% stake in Clipper, the company said.

"This is a transformational transaction for Clipper," said Chief Executive Douglas Pertz.

"Our relationship with UTC will enable Clipper to access UTC's support and expertise in areas of manufacturing, product quality and other industrial processes, while providing Clipper with equity financing to deliver our longer-term strategic goals."

Company Web site: www.clipperwind.com

-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com
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