Developer attracting plenty of investors

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With its first project up and running and a growing number of others in advanced stages of planning in Greece, Portugal and England, a German renewable energy developer has been growing steadily as its share offerings are snatched up as fast as they are issued.

Wasserkraft und Regenerative Energieentwicklung AB (WRE) brought its first wind station on-line in Portugal earlier this year. Vila do Bispo I, near Kap Sao Vicente on the Portuguese Atlantic coast is a 2 MW project inaugurated in July. It consists of four Enercon 500 kW E40 machines. WRE's Markus Kasten says the company has now pencilled in seven Enercon 1.5 MW units for the nearby Vila de Bispo II station, slated for an early 1999 installation (Windpower Monthly, February 1998).

Meanwhile in Greece, WRE has been granted support for a total of 8.6 MW of wind capacity in two projects, at Lakonia and Euböa. The Greek ministry for development and energy is putting up 36% of the costs, Kasten says. WRE expects to use six Micon 600 kW turbines at Euböa in a project costing about DEM 8 million. Lakonia, with a budget of DEM 11 million, is likely to comprise ten Enercon E40 units. Both projects are expected to go on line next summer, Kasten says.

WRE has also bought a share in another Greek wind station near Sitia on the island of Crete. The project, supported partially by the European Union's Thermie program (Windpower Monthly, December 1995), is expected to be up and running by spring. "The project is to have both Enercon and Micon machines and we have bought the Micon share," says Kasten. WRE invested DEM 6 million in the four, NEG Micon 600 kW turbines.

Based in Frankfurt, WRE finances it projects through share issues, a series of which have been launched since 1996. The fifth issue, for DEM 4.8 million, was oversubscribed after just ten days and closed on August 7, says Kasten. A sixth issue, for DEM 47.6 million, is to be launched this month. The company is also preparing to be listed on the Frankfurt stock exchange in 1999.

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