UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                 Current Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

                Date of Report (Date of earliest event reported):
                      December 22, 2005 (December 15, 2005)

                        COMPOSITE TECHNOLOGY CORPORATION

             (Exact name of registrant as specified in its charter)



          Nevada                         000-10999               59-2025386
          ------                         ---------               ----------
(State or other jurisdiction of         (Commission            (IRS Employer
        incorporation)                  File Number)         Identification No.)


                                2026 McGaw Avenue
                                Irvine, CA 92614
          (Address of principal executive offices, including zip code)

       Registrant's telephone number, including area code: (949) 428-8500

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))


<PAGE>

Item 1.01 Entry into a Material Definitive Agreement

On December  15,  2005,  CTC Wind Systems  Corporation  ("CWS"),  a wholly owned
subsidiary of Composite  Technology  Corporation  (the  "Company") and EU Energy
Incorporated  ("EU Energy") entered into an Equity Purchase  Agreement  ("Equity
Purchase   Agreement")   pursuant  to  which  CWS  has  the  right  to  purchase
approximately  48% of the issued and  outstanding  shares of capital stock of EU
Energy (the "Equity Purchase"). The closing of the Equity Purchase is subject to
completion of CTC's due diligence  investigation of EU Energy and other standard
closing  conditions  set  forth in the  Equity  Purchase  Agreement.  The  total
purchase  price for the Equity  Purchase  is  $5,000,000  which shall be paid as
follows:  (i)  $1,000,000  at the time of closing of the Equity  Purchase;  (ii)
$2,000,000 on March 1, 2006 or 60 days after the date of such closing; and (iii)
the final $2,000,000 on April 1, 2006 or 90 days after the date of such closing.
At the time of Closing  all of the  shareholders  of EU Energy  shall  execute a
shareholders'  agreement with shall provide that, among other things,  CWS shall
have the  right to  appoint  2 board  members  of EU  Energy,  the  remaining  2
directors to be appointed by the other EU Energy  shareholders  and that certain
major decisions  shall require the unanimous  decision of the board of directors
of EU Energy.  The Equity Purchase  Agreement shall be terminated by: (i) mutual
written  consent of the parties;  (ii) either party if the closing of the Equity
Purchase does not occur by May 1, 2006;  (iii) on written notice by either party
if any order permanently  restraining,  enjoining or prohibiting consummation of
the  transactions  contemplated  in the Equity  Purchase  Agreement shall become
final and non-appealable; (iv) the seller on written notice if any buyer closing
condition  is not  performed  by the closing  date;  or (v) the buyer on written
notice if any seller  closing  condition is not  performed by the closing  date,
(vi) if Buyer is not satisfied  with its due diligence  investigations  prior to
the  closing  date,  or (vii) if the  Buyer is  unable  to  obtain  satisfactory
financing to meet the terms of its financing obligations. The description of the
Equity  Purchase  Agreement  is  qualified  in its  entirety by reference to the
Equity Purchase Agreement attached hereto as Exhibit 10.1.

On December  19, 2005,  the  Registrant  issued a press  release  regarding  the
execution  of the Equity  Purchase  Agreement.  A copy of such press  release is
attached hereto as Exhibit 99.1.


Item 9.01 Financial Statements and Exhibits

(d)   Exhibits

10.1 Agreement between CTC Wind Systems Corporation and EU Energy  Incorporated,
dated as of December 15, 2005.

99.1 Press Release of Composite Technology Corporation, dated December 19, 2005


<PAGE>


                                    SIGNATURE

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                        COMPOSITE TECHNOLOGY CORPORATION
                                  (Registrant)


Date: December 21, 2005             By: /s/ Benton H Wilcoxon
                                        --------------------------------
                                        Chief Executive Officer


<PAGE>

                                  EXHIBIT INDEX

Exhibit
Number      Description of Exhibit

10.1        Agreement between Composite Wind Systems and EU Energy,  dated as of
            December 15, 2005

99.1        Press Release of Composite  Technology  Corporation,  dated December
            19, 2005
{"company-data": {"conformed-name": "COMPOSITE TECHNOLOGY CORP", "cik": "0000317477", "assigned-sic": "3600", "irs-number": "592025386", "state-of-incorporation": "NV", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-10999", "film-number": "051278307"}, "business-address": {"street1": "2026 MCGRAW AVE", "city": "IRVINE", "state": "CA", "zip": "92614", "phone": "(949) 428-8500"}, "mail-address": {"street1": "2026 MCGRAW AVE", "city": "IRVINE", "state": "CA", "zip": "92614"}, "former-company": [{"former-conformed-name": "ELDORADO FINANCIAL GROUP INC", "date-changed": "20000606"}, {"former-conformed-name": "ELDORADO GOLD & EXPLORATION INC", "date-changed": "19870202"}]}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                 Current Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

                Date of Report (Date of earliest event reported):
                      December 22, 2005 (December 15, 2005)

                        COMPOSITE TECHNOLOGY CORPORATION

             (Exact name of registrant as specified in its charter)

          Nevada                         000-10999               59-2025386
          ------                         ---------               ----------
(State or other jurisdiction of         (Commission            (IRS Employer
        incorporation)                  File Number)         Identification No.)

                                2026 McGaw Avenue
                                Irvine, CA 92614
          (Address of principal executive offices, including zip code)

       Registrant's telephone number, including area code: (949) 428-8500

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement

On December  15,  2005,  CTC Wind Systems  Corporation  ("CWS"),  a wholly owned
subsidiary of Composite  Technology  Corporation  (the  "Company") and EU Energy
Incorporated  ("EU Energy") entered into an Equity Purchase  Agreement  ("Equity
Purchase   Agreement")   pursuant  to  which  CWS  has  the  right  to  purchase
approximately  48% of the issued and  outstanding  shares of capital stock of EU
Energy (the "Equity Purchase"). The closing of the Equity Purchase is subject to
completion of CTC's due diligence  investigation of EU Energy and other standard
closing  conditions  set  forth in the  Equity  Purchase  Agreement.  The  total
purchase  price for the Equity  Purchase  is  $5,000,000  which shall be paid as
follows:  (i)  $1,000,000  at the time of closing of the Equity  Purchase;  (ii)
$2,000,000 on March 1, 2006 or 60 days after the date of such closing; and (iii)
the final $2,000,000 on April 1, 2006 or 90 days after the date of such closing.
At the time of Closing  all of the  shareholders  of EU Energy  shall  execute a
shareholders'  agreement with shall provide that, among other things,  CWS shall
have the  right to  appoint  2 board  members  of EU  Energy,  the  remaining  2
directors to be appointed by the other EU Energy  shareholders  and that certain
major decisions  shall require the unanimous  decision of the board of directors
of EU Energy.  The Equity Purchase  Agreement shall be terminated by: (i) mutual
written  consent of the parties;  (ii) either party if the closing of the Equity
Purchase does not occur by May 1, 2006;  (iii) on written notice by either party
if any order permanently  restraining,  enjoining or prohibiting consummation of
the  transactions  contemplated  in the Equity  Purchase  Agreement shall become
final and non-appealable; (iv) the seller on written notice if any buyer closing
condition  is not  performed  by the closing  date;  or (v) the buyer on written
notice if any seller  closing  condition is not  performed by the closing  date,
(vi) if Buyer is not satisfied  with its due diligence  investigations  prior to
the  closing  date,  or (vii) if the  Buyer is  unable  to  obtain  satisfactory
financing to meet the terms of its financing obligations. The description of the
Equity  Purchase  Agreement  is  qualified  in its  entirety by reference to the
Equity Purchase Agreement attached hereto as Exhibit 10.1.

On December  19, 2005,  the  Registrant  issued a press  release  regarding  the
execution  of the Equity  Purchase  Agreement.  A copy of such press  release is
attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

(d)   Exhibits

10.1 Agreement between CTC Wind Systems Corporation and EU Energy  Incorporated,
dated as of December 15, 2005.

99.1 Press Release of Composite Technology Corporation, dated December 19, 2005
SIGNATURE

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                        COMPOSITE TECHNOLOGY CORPORATION
                                  (Registrant)

Date: December 21, 2005             By: /s/ Benton H Wilcoxon
                                        --------------------------------
                                        Chief Executive Officer
EXHIBIT INDEX

Exhibit
Number      Description of Exhibit

10.1        Agreement between Composite Wind Systems and EU Energy,  dated as of
            December 15, 2005

99.1        Press Release of Composite  Technology  Corporation,  dated December
            19, 2005