24 Jul 2012

Windflow splashes out on UK turbine

8:31 pm on 24 July 2012

Windflow Technology says it will begin assembling its demonstration Windflow 500 turbine to be showcased in Scotland and that it is expected to promote further UK sales for the firm.

The wind turbine maker is relying on British sales to meet its on-going cashflow requirements.

Investors have previously approved the firm borrowing $5.8 million from a major shareholder to fund three projects in the UK.

The company's chief executive, Geoff Henderson, says the money for the demonstration turbine is the first drawdown against the loan agreement, which is being financed as a loan to the Windflow group of companies.

"The buyer is going to be a Hammer-Westray limited liability partnership, which is being funded from Windflow-Hammer, which is part of the Windflow group of companies. They are buying the turbine from Windflow UK, which in turn is buying it from Windflow New Zealand."

"We have quite a few components already in stock for the first turbine, including the blades ... and most of the nacelle assembly".

"We're in good shape now to complete the assembly ... and we hope to get it onto a boat and over to Britain before the northern winter.

"We're going to be procuring the tower in Britain ... we're not too sure when we'll be able to erect the turbine".