AAER Inc. has announced that it has entered into an agreement for the sale of 17 of its 1.5MW wind turbines to Richmond, BC-based Katabatic Power Corp.
Under the terms of the deal, AAER will deliver 17 of its model A1500-77 wind turbines during the last quarter of 2007 for use at Katabatic’s Mount Hays wind project near Prince Rupert, BC. Katabatic also retains the option to purchase an additional 17 turbines from AAER in 2008. AAER will maintain and service the turbines for the first six years. The sale is to be reflected in definitive agreements to be entered into shortly. This sale represents total revenues ranging between CAN$35 and $80 millions for AAER, when considering all options and related maintenance contracts.
