The practicality of implementing, and the advantages that can arise from, a Dual Wound Machine (two segregated windings on one generator driven by a single prime mover) have been previously reported. It has been demonstrated that two separate machines mounted in a common frame offer no advantages over a standard tandem arrangement and the presence of two sets of end windings in the central area imposes volumetric overheads. By comparison Dual Windings offer a more compact arrangement with no volume overheads. This paper considers the use of permanent magnets to provide the required 2 and 4 pole excitation fields for a generator with dual two and four pole windings. Electrical and magnetic isolation is desirable in both sets of windings; electrical isolation is relatively straight-forward but magnetic isolation is more complex. Magnetic isolation is gained by ensuring that the two windings’ MMF have no space harmonics in common, including the fundamentals, using techniques established in the earlier papers. The use of a permanent magnet excitation system is considered where the basic concept is to arrange the magnets in two radially separated layers in the normal way, but where the magnets are of opposing polarity they are removed completely. The harmonic analysis of the resulting field is established using an analytical technique and this is corroborated through two-dimensional finite element flux analysis, which is also used to establish the machine performance.