Midwest Wind Finance (MWF), a firm specializing in financing community-scale wind farms throughout the U.S., has closed its Wind Renewable Fund to investors, after raising $5 million.
The company says that the fund was created by MWF to facilitate securing wind turbines for its wind project customers. With wind turbines in short supply, the fund gives the company leverage in negotiating with turbine companies. The fund will provide the earnest money to secure the allocation of significant numbers of wind turbines from several turbine companies.
According to MWF, the fund appealed to investors who wanted to take a relatively conservative approach yet liked the projected 16% return. Investors also valued participating in the rapidly growing wind energy space and supporting green investing.
MWF has over $600 million in wind projects under contract to finance. It is currently in negotiations with several wind turbine companies and expects to deploy the fund to support long-term frame agreements by the end of 2007.
