Danish wind energy firm plans to raise billions for new projects  

2008.11.06
Despite the worldwide financial crisis and economic downturn, Danish energy company Scan Energy plans to raise DKK 3bn in investment over the next three years
Despite the worldwide financial crisis and economic downturn, Danish energy company Scan Energy plans to raise DKK 3bn (USD 770m) in investment over the next three years. The money will be used to install several hundred wind turbines in Europe, and prepare Scan Energy for either an IPO or to be put up for sale, writes financial daily newspaper Børsen.
 
MD of Scan Energy Karsten Olsen told Børsen: "We need to raise most of the money outside our shareholders and I believe it is possible."
 
Scan Energy has installed wind turbines in Europe since 2003, with a collective output of 500 MW corresponding to approx. 150 of the largest wind turbines on the market. The company is currently installing 280 MW wind power in Poland and Italy, projects that are scheduled to be completed in 2009 and which have all been financed.
 
Olsen opines that if the ongoing crisis last for a long time, some of Scan Energy's projects from 2010 might have to be postponed. The company can however manage for quite some time solely on the cash flow generated from the current wind turbines.
 
Scan Energy buys most of its wind turbines from Denmark's Vestas Wind Systems, the world's largest wind turbine manufacturer, and the rest from Germany's Nordex.
 

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