Japan Wind Development Co first to go public

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Japan Wind Development Co has become the first wind project developer to go public in Japan when it was listed on the "Mothers" stock exchange for smaller companies in Tokyo last month. The pre-market price was set at ´200,000 a share ($1700). The initial public offering was for 4025 shares. Established in 1999, the company operates wind projects with a combined capacity of 22 MW -- two projects in Germany (1.5 MW and 2.5 MW) and three in Japan. The Japan projects consist of 1.5 MW in Chosi, Chiba Prefecture, 1.5 MW in Hanasaki, Hokkaido Prefecture, and a 15 MW project in Hibikinada, Fukuoka Prefecture. A 30 MW project is due to come online in Aomori Prefecture in November, while two projects (13.5 MW and 1.5 MW) are under construction in Chosi. By the end of 2004, the company hopes to increase its wind capacity to 65.5 MW. Earnings for the year ended March 2003 are expected to be in line with the ´3.97 billion ($33.8 million) projections.

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