Hartford, Conn.-based United Technologies Corp. (UTC), which recently closed an offer to acquire a 49.5% stake in Clipper Windpower, says it is ready to make bigger investments in renewable energy, according to a Reuters report.
In fact, an eventual majority purchase of Clipper is possible, according to Greg Hayes, UTC's chief financial officer.
‘If, over the next couple of years, we see what we like, we always have the opportunity to take a majority share if we want,’ he says. ‘If we like the market dynamics, I think you might see more in that space or other alternative technology spaces, which are adjacent to markets where we can use UTC technologies.’
UTC's total investment in Clipper will be about $270 million to purchase a combination of 84.3 million newly issued shares and 21.8 million shares from existing shareowners. The company expects to work closely with Clipper Windpower to improve the company's core technology, manufacturing, product quality and supply management capabilities.
SOURCES: Reuters, United Technologies Corp.