Project Development, Wind Power

Turbine Sales May Reap Windfall Revenue

Composite Technology Corporation’s planned acquisition target EU Energy plc has concluded and announced a frame agreement with Anemos Energy Corporation to supply 125 DeWind 2-megawatt (MW) 60-Hz D8.2 wind-energy turbines for their projects over the next six years, with first turbines to be delivered in 2007.

The contract is valued at approximately $275 million, bringing current EU Energy backorders for these D8.2 turbines to $2 billion for delivery through 2012. Subject to complying with securities laws and regulations, shareholder approvals and related diligence, Composite Technology Corporation (CTC) anticipates closing its acquisition of EU Energy in the second quarter of this year. “Subject to CTC’s continued favorable diligence to complete the anticipated EU Energy acquisition and an aggressive rollout of the EU Energy business plan,” said Benton Wilcoxon, CTC’s chairman and CEO, “it would appear that CTC is on track to capture prospective revenues of $40 million, $352 million, and $756 million in calendar year ’06, ’07 and ’08 respectively.” EU Energy reported that Anemos Energy Corporation is a renewable energy project developer of environmentally responsible power generation projects that use renewable resources and produce zero greenhouse gas emissions. Its objectives are sustainable, long-term growth while producing economic benefit to the regions, which are selected for development. Currently Anemos Energy has eight projects in the planning stages in several Canadian provinces, ranging from single-turbine installations to wind farms exceeding 100-MW capacity. EU Energy’s announcement quoted Rob Parsons of Anemos Energy as saying, “The reliability in the field demonstrated by EU Energy’s DeWind line of wind turbines was an important consideration for us, and we were very interested in the technical attributes of the D8.2 update.” “Within the industry there is an overwhelming sense of enthusiasm and appreciation for the superior design and performance characteristics of this turbine technology,” said Wilcoxon of CTC, which is a developer of high-temperature, low sag (HTLS) conductors for electric transmission and distribution lines.