A cooling tower or, in alternate operation an evaporative condenser, is provided having a dry sensible or indirect heat exchange section and an evaporative heat exchange section. The dry sensible section includes a coil circuit through which a liquid to be cooled passes. The evaporative section is below the dry sensible section and may include a coil circuit or fill sheets. Modulating louvers are provided to allow the air flow and accordingly the evaporative loading to be varied between the dry sensible section and the evaporative section.