Composite Technology Corp. (OTCBB: CPTC), through its subsidiaries, operates as a developer and manufacturer of wind turbines, a form of alternative energy picking up speed, particularly in West Texas. The company today announced its DeWind subsidiary has entered into an agreement with Higher Perpetual Energy LLC to form DeWind SWI Wind Farms LLC (SWI Wind Farms) to construct a number of wind farms.
SWI plans on developing four wind farms in Texas, totaling up to 620 megawatts of electrical energy capacity and consisting of Little Pringle One (10 MW), Little Pringle Two (10 MW), Big Pringle (200 MW) and Palo Duro (400 MW).
“We are excited about this new opportunity to supply our DeWind turbines for 620 megawatts of wind farms and look forward to participation in the enhanced value of the projects as they progress through each stage of development,” Benton Wilcoxon, CEO of Composite Technology stated in the press release.
Though the price tag is subject to cost escalators, DeWind intends on supplying the wind turbines at an agreed upon price; Higher Perpetual Energy will carry out development services.
Upon project completion, the companies anticipate the four wind farms will generate an aggregate of 2 billion kilowatt hours of clean energy per year. DeWind has already initiated discussions with interested investors, and SWI Wind Farms has arranged for contractors to begin construction of the first wind farm.
“We see SWI Wind Farms as an opportunity to leverage our turbine supply and secure the opportunity to add value through development that should effectively increase the margin for each turbine produced and sold into the wind farms,” Wilcoxon stated.
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