Irish wind developers Airtricity has signed a deal worth more than $300 million with Mitsubishi Power Systems, a subsidiary of Mitsubishi Heavy Industries, headquartered in Lake Mary, Florida, to secure wind turbines.
The deal comes as developers struggle to meet project schedules in the face of a global shortage of turbines, cables and other wind generation materials.
The deal will see Airtricity purchase 250 MW worth of Mitsubishi Power Systems’ 1 MW turbines for delivery during 2007. Airtricity also has the option for an additional supply of 200 MW of turbines in 2008. This contract, the largest order for turbines ever placed with the Japanese company, will accelerate Airtricity’s development in the United States.
Commenting on the transaction, Airtricity chief executive Eddie O’Connor said; “Strategically, this is a milestone agreement for us. We have managed to secure this deal against intense competition for turbines during a time of world shortage due to our strong funding platform and growing international reputation.”