First foreign closed-end fund launched for German investors

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Wind developer Energiekontor will launch its first foreign closed-end wind fund to German investors in mid-May. The fund will offer stakes in the EUR 4.73 million wind station Zarax in Greece, which comprises five Enercon E50 500 kW machines that have been operating since May 2001. Thanks to the double taxation agreement between Greece and Germany, the project offers an almost tax-free overall return of 230%, the Bremen based company says (Windpower Monthly, April 2002). Limited liability capital in the project is EUR 1.6 million.

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