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Clipper Windpower hit by commissioning delays
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Clipper Windpower, the Aim-listed, US-based wind turbine manufacturer, today warned that only a handful of its turbines will contribute to this year’s earnings.
Clipper had previously said revenues from 35 of the 125 turbines produced at its plant in Cedar Rapids, Iowa, would be recognised in this year’s figures.
Today, however, it said commissioning delays meant only eight turbines, which were produced late in 2006, would be counted. Revenues and gross profits from the balance would be taken in 2008, the company said.
The turbine maker, listed on the London junior market two years ago, said it expected production in 2008 would meet the 311 firm orders for its turbines. It also said the energy group AES had ordered 50 of its turbines for delivery in 2009.
James Dehlsen, chairman and chief executive, said the company was producing at “the low end” of a range of 20 to 30 wind turbines a month.
The explosion in demand for wind power has left some companies struggling to fulfil orders. Vestas Wind Systems, the world’s biggest turbine builder, recently said it was taking up to 15 months to source vital equipment because of low manufacturing capacity. It expected the problem to persist for several years.
Clipper, which had previously announced it had suffered problems in the drivetrains on its Liberty turbines, said it was reinforcing turbine blades to ensure they lasted the 20-year design life.
“The company has dealt with turbine and production ‘teething’ issues expeditiously and with thoroughness, strengthening the relationship with existing customers,” Clipper said in a trading update. It said information on costs of the remediation and reinforcement work would be given next month.
Clipper shares closed up 3.5p at 691p. At its current market price the company is valued at more than £740m.
By Mark Milner
20 December 2007
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