CICERO, Ill. (AP) — Alternative energy company Broadwind Energy Inc. has received $87 million in new tower orders from an unnamed U.S. wind turbine maker as the domestic wind energy industry continues to recover.
President and CEO Peter Duprey said in a statement that the industry is rebounding thanks to a production tax credit extension — which is a wind power subsidy — and the ongoing drop in the cost of electricity from wind energy.
Broadwind said Monday that the towers will be made at its plants in Manitowoc, Wis., and Abilene, Texas.
The company also announced that a $34 million order from 2010 was canceled by mutual agreement because the unnamed company's U.S. requirements were reduced.
Year to date, Broadwind has $200 million in new tower orders.
The company's stock added 12 cents, or 2.4 percent, to $5.11 in morning trading. The shares have traded between $1.66 and $6 over the past year.