Germany's WPD gets independent credit assessment

To better face the rigours of the wind sector outside Germany, wind project development and finance company WPD of Bremen had its business rated by Euler Hermes Rating, which worked together with technical supervision company TÜV Rheinland. WPD earned an "A" rating, the third best grade issued by Euler Hermes after AAA and AA. The independent assessment was requested by WPD to demonstrate its credit standing to potential foreign business partners. The company management expects to "more than compensate" for this year's decline in its business in Germany with increasing foreign activities in 2004 and 2005. "Moving into offshore and foreign business takes financing into another dimension," says Klaus Maier, a founding shareholder who owns 48.5% of WPD. With 18 employees, the company is a leader in the German wind fund market. Since 1995 it has developed and arranged financing for 40 wind projects with a combined installed capacity of 450 MW. In fiscal year 2002, its wind funds raised EUR 60 million in equity for EUR 239 million of wind project development. Company turnover in 2002 reached EUR 27.7 million, up from EUR 18.9 million the previous year.