Clipper Windpower has been bailed out by its US backer, United Technologies Corporation, in a £70m ($111.3m) deal after reporting significant liquidity strains.
“The global economic and credit crisis has materially impacted the availability of financing for wind projects, causing company’s customers to reduce capital expenditures, delay projects and defer turbine deliveries under existing contracts,” a Clipper official said.
The 65p-per-share deal is a 48% premium on its share price before an approach was made in September.
Under the terms of the original deal, UTC was limited to a 49.9% stake until January 2012, but difficult market conditions prevailed, according to The Telegraph.
UTC, a $60bn (£38bn) company, made its first investment worth £126m Clipper in 2009, which later dropped as Clipper fell short of new orders.
Clipper is a wind turbines manufacturer for plants in the UK and US and is currently building the largest turbine at a factory in Newcastle.
