Clipper Windpower Plc
and consolidated subsidiaries
Annual report and financial statements
for the year ended December 31, 2008
Registered number: 5425635

Clipper Windpower Plc (the “Company”) and subsidiaries (together, the “Group,” “Clipper” or “Clipper Windpower”) is a wind turbine manufacturer and wind project developer. Clipper designs advanced wind turbines, manufactures the 2.5 MW Liberty wind turbine and actively develops wind power generating projects in the Americas and Europe. Clipper’s primary offices are in the United Kingdom and in California, USA. The Company’s 330,000 square foot manufacturing and assembly facility, located in Cedar Rapids, Iowa, is ISO9001:2000 QMS certified. Shares in Clipper Windpower Plc are traded on the London Stock Exchange’s Alternative Investment Market (AIM) and the Company’s ticker symbol is CWP.

Contents

Joint Statement by the Chairman and the President and Chief Executive Officer 3
Financial Review 10
Corporate Governance Statement 14
Statement of Directors' Responsibilities 16
Directors' Report 17
Independent Auditors' Report 23
Consolidated Income Statement 25
Consolidated Balance Sheet 26
Consolidated Statement of Cash Flows 27
Consolidated Statement of Changes in Equity 28
Notes to the Consolidated Financial Statements 29
Company Income Statement 66
Company Balance Sheet 67
Company Statement of Cash Flows 68
Company Statement of Changes in Equity 69
Notes to the Company Financial Statements 70