Clipper narrows first half losses, sees better future with UTC

Clipper Windpower is pinning its corporate future on a strategic alliance with United Technologies Corporation, its largest shareholder, after narrowing its net loss to $26.7m for the six months ending 30.

Losses were $120.2m in the same year earlier period. Revenues to the end of June were $154m, primarily from the sale of 43 turbines versus $357.3m a year ago from the sale of 127 turbines.

In a conference call with analysts, Clipper chief executive Mauricio Quintana blamed the global economic and credit crisis for drying up financing for wind projects. This has caused many of Clipper’s customers to slash capital outlays, delay projects and defer turbine deliveries under existing contracts, he says.

In addition to those factors, the situation in the…

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