Windflow Technology turbines are set to fly

By Chris Hutching

Friday 28th September 2001

The Windflow Technology share offer was a long-winded affair, with two extensions, but the directors have agreed to go ahead with the issue of shares after raising just over $2.5 million.

The issue officially closes today and managing director Geoff Henderson was hopeful of some last-minute subscriptions.

The Christchurch-based company has set up its office and is about to employ designers and engineers to begin work on the specifications of the first wind turbine expected to be ready for testing in about eight months.

Support for the company's share offer came from more than 400 people throughout New Zealand, with several investors from Australia, the US and Europe.

The Christchurch City Council has agreed to buy the output of the company's first wind turbine planned to be operating by October, 2002.

Mr Henderson said power prices had firmed considerably as the result of this year's electricity crisis.

The Windflow share offer is based on prices increasing to 5-6c/kWh by 2005 and it appeared contract prices for the coming year had reached that level already, Mr Henderson said.

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