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Raising capital on the open market
1 March 1998
Finance for 22, 600 kW Tacke turbines operating since January at the Utgast 2 wind station in Lower Saxony has been raised on the open market by Bobikiewicz and Partner, a "green issuing house" based in Freiburg. A series of limited partners provided capital of DEM 9.79 million, while the remaining DEM 32.5 million needed was accumulated from investors in less than three months, reports Bobikiewicz and Partner. Other companies involved in raising the capital include the Ökobank of Frankfurt and a series of independent finance companies and banks with no particular environmental leanings. Bobikiewicz and Partner used the medium of a wind fund, the Windpark Utgast 2 fund, to buy the wind turbines as a turnkey project from their developer and operator, Ostwind Verwaltungsgesellschaft of Lichtenstein, Saxony. Ostwind will continue to run the Utgast 2 wind station. Bobikiewicz and Partner say it has now been proved that large, ecological projects can be successfully marketed when planned with a strictly economic orientation.
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