Composite Technology Acquires EU Energy’s DeWind Turbines

Composite Technology Corporation (CTC) has acquired 100% of EU Energy, which owns 100% of a group of companies that produce and sell worldwide the DeWind range of wind energy generation turbines. The value of EU Energy is approximately $60.7 million.

Through various frame agreements for the new 2-megawatt (MW) D8.2 60-Hz wind energy turbines, EU Energy customers have agreed to purchase 2,526 MW (1,263 turbines) for delivery in 2007-2012, including customers that have signed turbine power purchase agreements (PPA) for 286 MW (142 turbines) for delivery in 2007. Supply agreements with vendors of the major components for the D8.2 turbines are in place for 2007 production commitments. EU Energy plans to assemble and deliver two 50-Hz D8.1 turbines during 2006. The initial production for the 60-Hz D8.2 turbines for delivery in 2007 will be assembled in Lubeck, Germany, until the planned assembly facility in North America is completed. “The DeWind product line combines the best of the tradition of German engineering and reliability with important innovations that is designed to set the next benchmark in wind generation performance and economics,” said Benton H. Wilcoxon, CEO of CTC. EU Energy/DeWind has two existing turbine models rated at 1.25 MW and 2 MW. The flagship 2-MW D8 turbine was introduced in Europe in 2002 and has a zero-failure rating over the last five years. The D8.2 and D8.1 turbines to be introduced next year are in the final stages of development; the new torque converter will be directly attached to DeWind’s proven drive train and control system and will use a synchronous AC generator that connects directly to the power grid without the use of power conversion electronics. This arrangement is said to eliminate problems with integrating wind energy into the grid.
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