EX-IM BANK APPROVES DEBT FINANCING FOR CLIPPER’S LIBERTY WIND TURBINES
Transaction Marks Ex-Im Bank’s First Project Financing For Wind Power
LONDON (UK), CARPINTERIA, CALIFORNIA (USA) – November 26, 2009 - Clipper Windpower Plc (“Clipper”) today announced that the first Clipper Liberty wind turbines to be installed internationally have been backed by an $80.66 million project financing loan by the Export-Import Bank of the United States (Ex-Im Bank). The transaction also marks Ex-Im Bank’s first project financing for wind power. The project owner is Electrica del Valle de Mexico, a subsidiary of EDF Energies Nouvelles (“EDF EN”).
The financing provides funding for 67.5 MW of Clipper Liberty 2.5 MW wind turbines. Once installed at the project site in La Ventosa, within the Istmo region in the State of Oaxaca, Mexico, the 27 Liberty wind turbines will supply clean, renewable power to establishments owned by subsidiaries of Wal-Mart de Mexico, S.A.B. de C.V. beginning in 2009.
“We are delighted to see the Liberty turbine being recognized by a growing number of financial institutions,” said Doug Pertz, President and Chief Executive Officer of Clipper. “We view this financing as a very positive indication of the growing acceptance in the reliability and performance of the Liberty wind turbine. It is also exciting to see the Liberty turbine taking the lead in an important emerging market.”
As the Company reported on September 30, Clipper is engaged in discussions with a number of parties that could lead to a significant investment in the Company. Clipper confirms its previous expectation that, while it cannot provide full assurance at this time that a transaction will be finalized, the Company anticipates announcing a conclusion to this process during Q4 of this year.
About Clipper
Clipper Windpower Plc, www.clipperwind.com, is a company engaged in wind energy technology, turbine manufacturing, and wind project development. 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’s primary offices are in the United Kingdom and in California, USA. The Company’s 330,000 square foot manufacturing and assembly facility, located in Cedar Rapids, Iowa, is ISO9001:2000 QMS Certified. Clipper is a public company listed on AIM of the London Stock Exchange. Clipper’s ticker symbol is CWP.
The ordinary shares of Clipper Windpower Plc are traded on AIM 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.
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For more information contact:
Business and Trade:
Mary Gates
Director, Global Communications
Clipper Windpower, Inc.
6305 Carpinteria Avenue, Suite 300
Carpinteria, CA 93013
(main) 805.690.3275
(direct) 805.576.1323
(fax) 805.899.1115
(mobile) 661.301.0400
mgates@clipperwind.com
Investors:
Jenny Matthews
Investor Relations Director
+44 (0)20 7820 1078
jmatthews@clipperwind.com
JPMorgan Cazenove (Nominated Adviser and Corporate Broker to Clipper)
Patrick Magee
+44 (0)207 588 2828
Financial Press:
Patrick d’Ancona / Charlotte Kirkham
M: Communications
+44 (0)20 7920 2347 / 2331
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