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Your Energy steps up wind development activities after cash injection
1 January 2003
English wind developer Your Energy is set to expand its activities following an investment deal with Mistral Invest Limited. Mistral is to provide £3.3 million for development and expansion of Your Energy's site portfolio and provide additional money to allow the company to retain ownership of its constructed wind farms. Your Energy, based in Ipswich northeast of London, was set up in 2001 by a team of renewable energy developers formerly from TXU Europe. It is developing projects across southern and eastern England through its Wessex Windpower and Anglian Windpower subsidiaries. It expects to lodge site permit applications for six projects over the next year. The company's Bill Richmond says the financial resources from Mistral firmly establishes Your Energy. Mistral's Thomas Rottner says the extra financial muscle gives Your Energy the potential to become a major actor in the wind energy scene. The deal represents probably the first venture capital-backed project development financing in the UK's renewables sector and establishes a precedent that many will wish to follow, claims the law firm that arranged the deal, Watson, Farley & Williams.
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