The company will probably select German Enercon 1.5 MW turbines for the project, but others are still being considered, says WRE's Martin Jakubowski. The aim is to rapidly build up the installed capacity of the station to 10 MW. The project has planning permission and is supported by the Portuguese government with an interest free loan of DEM 1.5 million. WRE is supplying DEM 860,000 of the financing, assisted by German banks.
The Portuguese wind plant is the first to be undertaken by WRE, set up in Frankfurt last year to build and operate small hydro and wind projects in the EU. Capital is raised by share issues -- over 300 shareholders have so far joined in. A third share offering is expected to double company capital to DEM 7 million. WRE plans to become listed on the stock exchange in 1999. Meantime, share trading is to be introduced on The Internet.
The independent power producer describes itself as "a virtual company" and has four full time staff who communicate mainly via The Internet. According to company literature, board chairman Martin Jakubowski is vice president of the European Small Hydropower Association. His vice is lawyer Hans-Jürgen Gratz, former member of the board of the Oekobank. The third member of the supervisory board is Henri Baguenier, president of ESHA and energy professor at the Lisbon and Paris X Nanterre universities. WRE is currently building three hydro plant in Italy in Calabria and plans another two in Tuscany.