Together with Pacific Hydro's institutional placement 0f A$2.80 per share - announced on 12 February, which raised A$45 million - the Melbourne-based company has managed to raise A$59.5 million.

Pacific Hydro MD, Jeff Harding, was pleased with the results, which will help the company to push on with critical projects. According to Harding, "The recent placement and the capital raised from the SPP will be used to fund the company's two recently acquired hydro projects in Chile and other hydro and wind development opportunities."

"We are very pleased with the results of the SPP with about 25.8% of Pacific Hydro's shareholders participating in the plan. We thank the shareholders for their interest in and support of the company," added Harding.

In a media statement, Pacific Hydro announced, "Notification of entitlements under the SPP will be mailed to shareholders on Thursday 25 March 2004. The new shares, which will be eligible for the dividend, will commence trading on the ASX by no later than Monday 29 March."