German investors get first offer in Spanish project

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Investors in Germany are to be invited to put their savings into a 99 MW wind power development being built at La Muela in the province of Aragon by German company BVT Energie und Umwelttechnik. The final operating permit for La Muela, to comprise two wind stations, was granted by Spanish authorities on December 22. It is the first time German investors are being offered the chance to invest in Spanish wind, says BVT. The company intends to retain at least a 30% share of the equity in the DEM 200 million project. The largest bank in the region, Caja de Ahorros, will also be an investor. "Returns on the capital lie between 14% and 15%, in line with the requirements of institutional investors," says BVT. Project development is by the Project Development Fund, a consortium of BVT Holding, German industrial giant ThyssenRheinstahl Technik, the HypoVereinsbank of Munich, and Etaplan. The wind plant, to be made up of 132 NEG Micon 750 kW turbines in an order announced by the Danish company last month, will mostly be installed this year, with the remainder completed in 2002. The two wind stations will be sited close to the village of La Muela, near Zaragossa, on a plateau swept by steady north westerly winds channelled through the Ebro valley.

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