Wind farm firm plans $5.4m IPO -


"Wind power generator Wind Hydrogen Ltd (WHL) will seek to raise $5.4 million in capital to develop its wind farm portfolio ahead of floating on the Australian Stock Exchange (ASX).
The renewable energy company said it would issue 12 million shares at 45 cents a share in a capital raising due to take place this month.
The funds will partly be used for pre-construction work at wind farm projects awaiting approval, as well as to prepare submissions for more advanced projects, and secure rights for projects in the pipeline.
But WHL also hopes to undertake an estimated $50 million initial public offering (IPO), possibly as early as before Christmas.
'WHL intends to seek admission to the ASX during the first half of 2007 through an IPO to raise additional capital for future development and growth of its international portfolio,' the company said.
WHL managing director Richard Pritchard said as one of the top wind farm companies around the world, WHL was well placed to take advantage of growing demand for wind power energy, an alternative to fossil fuels.
'WHL is well placed to take advantage of the growing world demand for wind power energy and likely consolidation among smaller wind farm operators,' Mr Pritchard said.
The Australian-based company owns development rights for 27 wind farm projects in the UK, US and Australia, and is in 'advanced discussions' to secure the rights for another 10 projects in the UK, US and New Zealand.
'We are looking at a number of acquisitions and joint ventures to further extend our project pipeline,' Mr Pritchard said.
The company is currently in talks with the German company, Pro Ventum International, to jointly develop Australia's most powerful wind farm - Mount Gellibrand in Col"