REpower Systems AG has achieved a total output of € 301.4 million in the 2004 fiscal year (previous year € 299.3 million). The earnings before interest and tax (EBIT) amount to € -3.4 million compared to € 12.9 million in the previous year. After taking into account one-off effects from the initial consolidation of joint ventures, tax, interest and minority shares, this results in an annual deficit of € -9.3 million. In addition, REpower Systems AG announces the involvement of a major strategic investor. The Portuguese steel and metal construction company Martifer Construções Metalomecânis has increased its share from 5.05 to 19.5% through acquiring a block of shares from the ELBE Betreuungs- und Verwaltungsgesellschaft mbH, represented by the former REpower Board member Hugo Denker. At the meeting held on 16 March 2005, the Supervisory Board also authorised the restructuring concept developed by a management consultancy company, which, in addition to optimising the operative processes, envisages streamlining the organisation at the management level.

Completing an agreement first announced by GE Energy and Hydro-Québec in October 2004, GE Energy has signed contracts with two developers to supply up to 660 wind turbines for eight projects in the province of Quebec. When the projects come on-line between 2006 and 2012, they will add 990MW of wind-generated electricity to the power grid of Hydro-Québec. The contract signings follow a memorandum of understanding signed in October, naming GE Energy as the turbine supplier for the projects. GE will supply up to 740MW of wind turbines to Cartier Wind Energy and up to 250MW of wind turbines to Northland Power Inc./Northland Power Income Fund. GE will support the projects with a significant portion of the contracts supplied locally in the Province of Quebec. It is planned that, over the course of six years, GE’s wind turbines will be installed at eight locations. The power generated will be provided to Hydro-Québec Distribution, the utility’s retail division, for distribution throughout Quebec.

Airtricity, the Dublin-based renewable energy specialist, is preparing an audacious plan to build the world’s biggest wind farm in the North Sea at a cost of about £1.2 billion. The Irish group is putting together a consortium of energy and construction partners to raise finance to develop the wind farm, which would be located in British waters. It aims to present its plans to the government later this year. Airtricity, which is backed by NTR, the largest multi-utility group in Ireland, has drawn up plans for a wind farm of about 5,000 turbines producing more than 10,000MW of electricity. Airtricity’s partners are likely to include a national grid operator, such as National Grid Transco, ScottishPower or Scottish & Southern Energy. One of the most expensive parts of the project would be the cost of linking the farm to the grid. The consortium will also include a power generation company, such as Centrica, Npower or Powergen, which would probably sign an agreement to buy the green energy produced by the turbines. The turbines would be spread over almost 50 square kilometres and create enough energy to power 441,000 homes.

Following the completion of the Scroby Sands wind farm installation works, Oceanteam 2000 Ltd has been awarded the underwater and marine support services contract by Global Marine Systems Ltd for the Kentish Flats wind farm project. This includes the onshore beach works, main product line installation and inter-field submarine cables.

The financial close for a portfolio of 111.35MW of wind farms in Greece was signed in December 2004 between Bayerische Hypo- und Vereinsbank (HVB) from Germany, Emporiki Bank from Greece and the Greek construction company Ktistor, a wind farm developer in Greece. The portfolio consists of four wind farms: two already under construction and two more scheduled for construction in 2005/06. Among other services, Lahmeyer International applied the numeric flow model KLIMM for wind studies in the mountainous terrain, carried out the technical due diligence and is monitoring the construction on behalf of the lenders. Vestas was appointed to supply 34 V90-3 MW and 11 V52-850 kW turbines. The civil and electrical works in the very complex terrain are being constructed by Ktistor Construction company and include three 150/20kV substations. The highlight of one relatively small wind farm is the average wind speed of more than 10m/s at hub height.

LM Glasfiber and GE Energy have signed a contract for the delivery of blades for the eight projects totalling 990MW that GE Energy plans to build in Quebec, Canada, from 2006 to 2012. In addition, the parties have agreed on the supply of blades for a further 1,400MW of capacity for the North American market over the next ten years. As a result of the agreement, LM Glasfiber has decided to build a blade factory in Gaspé in Quebec. The factory will have an annual production capacity of approximately 240MW and will employ between 100 and 120 people. The factory is expected to be operational in January 2006. Combined with the US facility in North Dakota, the new factory will give LM Glasfiber an annual blade production capacity of more than 900MW in North America.