Carpenteria, Calif.-based Clipper Windpower PLC, a manufacturer of wind turbines and developer of wind energy projects, has signed an agreement with Hemeretik, a Spain-based construction and real estate group, to combine the renewable energy assets of their respective subsidiaries – Clipper Windpower Development and Helium – and form Clipper Capital and Generation (CAPGEN).
According to Clipper, CAPGEN will operate a global renewable energy development business with a pipeline in excess of 10,500 MW in wind development assets, ranging from early-stage prospects to mature projects. CAPGEN's portfolio is located predominately in the U.S.
The new company will be headed by Pedro Barriuso, who has led Helium's development for the past year and was previously the head of Iberdrola Renewables. CAPGEN will benefit from a long-term supply agreement for Clipper's Liberty turbines and subsequent technology introductions as it develops, finances, builds, owns and operates wind energy projects globally, Clipper adds.
CAPGEN will initially be 72% owned by Clipper and 28% by Hemeretik. Completion of this transaction, which is subject to regulatory approvals, is expected in the fourth quarter of 2007.