http://www.renewableenergyworld.com/rea/news/story?id=52228The year 2007 was an eventful one for the U.S. wind power industry, and it certainly was an eventful one for Clipper Windpower. Now, 2008 is starting out in similar fashion for the Carpinteria, CA-based US wind turbine manufacturer and wind power project development company. The latest news -- following right in the wake of Clipper's April 15 shareholders meeting in London -- is the sale of its giant 7.5-megawatt (MW) prototype Britannia offshore wind turbine to UK Crown Estates as the UK looks to move its ambitious offshore wind power development plans closer to fruition.
Clipper hit snags as it strove to ramp up production and meet growing demand for its flagship 2.5-MW Liberty turbines. Management reported a US $192.5 million loss for 2007, its first full year of turbine production. On the flip side, the company made significant headway in mapping and laying out the groundwork that management believes will create a company capable of competing for and participating in large-scale projects not only in the U.S. and North America, but in Europe and elsewhere around the world.
Of note regarding the latter was striking two strategic investments and partnerships. The week before announcing its year-end 2007 results, Clipper announced that One Equity, the private equity management arm of JP Morgan Chase, would invest US $150 million in the company and appoint two directors to serve on Clipper's board with a primary aim of working with management to strengthen Clipper's supply chain and support growth in its core wind turbine business.
Clipper is also working to take a big step forward in terms of building the wind power project development side of its business, as well as extending its geographic reach. Management is planning to combine Clipper's wind power project portfolio with that of Helium Energy, a fast-growing European renewable energy company owned by Spanish construction and real estate group Hemeretik, and spinning off a separate subsidiary dubbed Clipper Capital & Generation, (CapGen) with a combined wind power portfolio that initially totals 10,500 MW.
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