Hartford-based United Technologies Corp. has agreed to acquire a 49.5 percent stake in Clipper Windpower, a California-based wind turbine manufacturer that trades on the London Stock Exchange, UTC officials said Wednesday.
UTC’s total investment will be about $270 million, for which the Connecticut conglomerate will receive a combination of 84.3 million newly issued shares of stock in Clipper, and 21.8 million shares from existing stockholders.
The investment has been approved by the boards of directors of both UTC and Clipper Windpower, according to the acquisition announcement from UTC spokesman John Moran.
The deal will be finalized after Clipper Windpower shareholder and regulatory approval, Moran said.
Clipper Windpower is involved in wind turbine manufacturing and wind-project development. With its headquarters in Carpinteria, Calif., the company has a turbine factory in Cedar Rapids, Iowa, and research and development centers in California and in Blyth Harbor, U.K.
The company had 2008 revenues of $737 million, according to Moran.
“The agreement allows UTC to expand its power-generation portfolio and enter the high-growth wind-power segment by investing in a company with strong management and innovative technology,” he said.
The $50 billion-plus market for wind turbines and installation has grown at an annual rate of 25 percent during the past 10 years, Moran said.
The investment melds with UTC’s existing expertise in blade technology, turbines, and gearbox design, Moran said.
UTC Power focuses on fuel cells and gas-turbine power plants.
California-based Clipper WIndpower manufactures wind turbines.
