APPENDIX 9 HEPBURN WIND INVESTOR PROFILE

NEW ENGLAND TABLELANDS COMMUNITY WIND FARM FEASIBILITY STUDY

AUGUST 2011

HEPBURN INVESTOR PROFILE

This document briefly outlines the investor profile of Hepburn Wind, Australias first wind co-operative. The data analyzed is accurate to January 6th, 2011. While there will have been more investors registered since January 2011, this analysis provides an indicative snapshot, useful for New England Wind. As of January 2011, Hepburn Wind had raised $8,654,699 from 1404 investors (note, this does not include the bank lone). Figure 1, gives the breakdown of the number of investors by level of investment. The level of investment has been split into 10 categories. Figure 1 clearly shows, that the largest cohort of investors invested between $1000-1999. It is important to note that the minimum share for non-local members of Hepburn Wind was $1000.
Figure 1

Figure 2 shows the amount raised in each investment category, Figure 3 shows the same shape, but the vertical axis is given in terms of proportion of total money raised. This shows that the two investors in the $500,000+ category represent over 20% of the total investment capital raised. While the lowest two categories represent the smallest contributions to the total capital raised.

Figure 2

Figure 3

Table 1 provides a time series over the three years that the share offer has been open. It shows that the highest number of investors and the greatest amount of money raised was in the first year, with these figures declining over the three-year period. However, the maximum and largest average investment was in 2009.
Table 1

Year 2008* 2009 2010

Number of Investors 722 377 299

Amount Raised 4,586,476 3,051,273 1,003,850

Average investment 6,352 8,094 3,357

Maximum investment 369,100 1,500,000 96,000

*The Hepburn Wind Share Offer opened in August 2008, so 2008 figures are for 5 months