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News Update - 23 February 2009
The final result of our capital raising effort in 2008 was an impressive total of $3,954,806 from 729 applicants.
Considering the current economic climate, the Board and many external observers are very impressed that our project has raised this sum.
Project Update
The project has achieved many crucial milestones:
- Securing a $975,000 grant from Sustainability Victoria’s Renewable Energy Support Fund
- Securing a project partner, Future Energy
- Securing the contractual rights to the site lease, with a planning permit to build the wind farm
- Raising almost $4m in capital.
Despite this impressive list of achievements, some significant challenges still remain, however, the Board is confident that these can be met in a reasonable period. The most likely scenario is for the project to proceed with a combination of capital raised from members, a bank loan and a corporate partner. The Board and our project partner Future Energy are actively pursuing negotiations with a number of parties. More details and revised financial projections are available in the Project Update which you can download by registering your interest.
Formal Acceptance of Applications and AGM
The Board believes that the funds raised, along with an in-principle agreement to provide debt funding, are sufficient to attract the necessary additional finance to allow the project to progress. For this reason, the Board has decided to formally accept applications for membership and issue shares in Hepburn Wind starting from 12 March 2009.
The first Annual General Meeting of Hepburn Wind will be held on 28 April 2009 in Daylesford. Full details of the AGM, including nominations for the Board, will be mailed to members prior to the meeting.
Opportunity For Further Investment
Despite closing the public capital raising campaign, the Board is being asked on a daily basis for the opportunity to invest. Following completion of a review and production of a Project Update we are in a position to welcome additional investment.
Additional individual investment at this point may improve our position in our ongoing negotiations, partly due to the additional capital, but significantly, as a clear demonstration of continuing support for the project. It should be noted, however, that once corporate partner agreements and financing are in place there may be limited opportunities for further investment in this project. Therefore, the Board encourages any interested parties, whether existing or new applicants, to apply as soon as possible.
The Board remains optimistic that even in these difficult economic times, the overwhelming response from the immediate and wider community and the compelling need to generate renewable energy by communities will attract the remaining financial support that is required.