United Technologies (NYSE: UTX) announced Wednesday that the company closed on its deal to acquire a 49.5 percent stake in Clipper Windpower PLC, according to Associated Press.
Terms of the deal for the California wind turbine manufacturing company were not disclosed.
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The news comes as interest in wind energy has increased. Earlier this month, President Barack Obama announced $2.3 billion in tax credits to create some 17,000 "green" jobs in the U.S. The money is being divided among solar, wind and energy management companies.
Late last year, Constellation Energy (NYSE: CEG) announced that it would purchase and develop a $140 million wind project from Clipper.
Shares of United Technologies Corp. rose 61 cents to $72.35 in afternoon trading.
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