AAER Inc. (TSX-V : AAE), Canada’s only wind turbine manufacturer, announced that it has completed the creation of AAER SAS, a joint venture with Valorem SAS, a French developer and energy producer, for the distribution of AAER’s 2 megawatts (MW) wind turbine in France. The newly created entity will be headquartered near Bordeaux, France.
"Valorem has over 575 MW of wind projects under development in France and 56 MW of installed capacity. Our joint venture with this well established wind developer will allow us to quickly introduce our 2 MW variable speed wind turbines to one of Europe’s fastest growing markets," said Dave Gagnon, President and CEO of AAER. "We are currently in final discussions with Valorem for the sale of our first 2MW turbine to be commissioned on one of Valorem’s existing sites. This will give AAER SAS the opportunity to showcase the 2MW turbines to European customers and facilitate the introduction of this product in North America in 2010."
AAER SAS, 67% owned by AAER and 33% by Valorem, will be responsible for distributing the A-2000 model in France and will benefit from the expertise in logistics, erection and commissioning of Valrea RCS, a subsidiary of Valorem. AAER SAS plans to eventually establish assembly or manufacturing activities in France when yearly sales of the A-2000 reach a level sufficient to support the related capital expenditures.
About Valorem SAS
Valorem SAS has been active in France since 1994, notably in the area of renewable energy studies and in the development of wind farms. More specifically, Valorem has developed its skills in the wind industry through capacity studies or engineering mandates for the interconnection of wind facilities to grids. Valorem has developed and constructed on its behalf or for third parties, seven wind projects for a total of approximately 70 MW and is currently undertaking the development of about one hundred wind projects throughout France. Additional information is available on Valorem’s Website at www.valorem-eolien.com.
About AAER Inc.
AAER is a wind turbine manufacturer located in Bromont, Quebec that manufactures and maintains high capacity 1 Megawatt or more wind turbines principally for the North American market. Its strategy is to progressively build its product’s components to provide a high level of reliability and a competitive pricing to its customers. AAER uses proven European technologies to ensure the performance of its turbines in various wind conditions and complex terrains.
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