New wind equity fund launched by Energiekontor for Portugal project

German wind developer Energiekontor is offering investors stakes in the EUR 31.38 million Trandeiras wind station in north east Portugal through the launch of a second foreign wind fund. It is the only company in Germany using the tried and tested German wind fund model to raise finance for projects abroad. Its first foreign wind fund is for a small wind station at Zarax on the Greek island of Euböa which came online in May 2001. The Trandeiras station will comprise 14, Bonus 1.3 MW turbines from Spain's Izar. The fund is to raise equity of EUR 15.71 million, which at just under half the total cost of the project is more than the normal 30% required. The aim is to keep loan repayments low during the early years of the project to maximise dividends, says Energiekontor's Jurgen Vosteen. Minimum investment is EUR 10,000 and the wind fund promises a dividend from 2003 rising to 10% by 2005 and totalling 280% over the lifetime of the fund to 2023. With average wind speeds of about 7 m/s, the wind station, due online in November 2003, is expected to generate sufficient electricity to supply 12,500 households. Portugal currently has 150 MW of wind generation.