AAER Inc., a Bromont, Quebec-headquartered wind turbine manufacturer, has entered into a memorandum of understanding (MOU) with French energy producer Valorem SAS in order to establish the conditions of a joint venture for marketing AAER's 2 MW wind turbine in France.
According to the companies, the mission of this new entity will be to procure and maintain 2 MW wind turbines. Under the MOU, Valorem would be entitled to benefit from prices and schedules for the supply of turbines to its projects. Supply would be subject to the terms of a framework agreement within the joint venture.
Final documentation pertaining to the creation of the joint venture should be completed prior to Jan. 31, 2008, but remains subject to due diligence by Valorem of AAER's license and to AAER's obtaining a certification for its A-2000 technology, the companies add.