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Australia

Wind developer launches on the Australian stock exchange

Renewable energy group Wind Hydrogen Ltd -- which has a project pipeline portfolio of 350 MW of wind capacity -- has made its entry on the Australian stock exchange, though share trading opened at a price 25% lower than the initial public offer (IPO) price of A$0.20 (EUR 0.12) before closing at the even lower price of A$0.155 (EUR 0.095). The response to its A$12 million (EUR 7.38 million) IPO is "encouraging," says the company's Richard Pritchard. "The company is now in a position to be exposed to a worldwide wind energy market, which is estimated to be worth A$200 billion (EUR 123.15 billion) between now and 2011," he says. The money raised from the IPO, Pritchard says, will be used to develop several wind farm sites in Australia and the UK. Last year, Wind Hydrogen signed an agreement with German company Pro Ventum to jointly develop the 232 MW Mount Gellibrand wind farm near Colac in Victoria and acquired the right to purchase the 40 MW Woolsthorpe wind farm, also in Victoria, from New Zealand-based Wind Farm Developments.

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