A new name at the Hamburg fair was Renergys, though company employees are old hands in the business. The company was created after venture capital firm JI Venture, with five partners including the Hypovereinsbank, took over a majority stake in the wind development division of ABB New Ventures Windenergie. Renergys used the Hamburg trade fair to make its first bid to become a pan-European independent power producer using wind energy as the vehicle to get there. Within the next three to four years it expects to develop, install, own and operate 500-600 MW of wind capacity, of which 200-250 MW will be in Germany, says the company's Peter Schiefer. "We want to build high cash reserves in the stations to cover repairs and maintenance rather than use care packages offered by manufacturers," he says, adding that this philosophy stems from the traditional power station business in which ABB is at home. German bank KfW, which has traditionally administered the soft loans available to nearly all wind plant development in Germany, will be "an important factor" in developments as "the first port of call for foreign projects," states Schiefer. With 27 employees, Renergys is pursuing projects in Spain, Portugal and Ireland while the UK is deemed "a very expensive market place already."