The project aims to build two wind turbines at Leonards Hill, about 10km from Daylesford.

Chairman Simon Holmes a Court said the share interest showed there was "great support for this unique investment opportunity".

"We expect the rate of share applications to increase markedly from here to the end of the offer period," he said.

The community project wants to raise $9 million from investors. It already has a $1 million grant from the Victorian Government's Renewable Energy Support Fund.

The project hopes to generate four megawatts of electricity that will power about 2300 homes.

Mr Holmes a Court, who has a holiday home in the shire, said most investors were from the shire.

"And we are delighted to have received many applications from all over Australia and even internationally," he said.

"This again confirms the extent of community concern about climate change, and shows that people want to support projects that will not only provide them with a reliable financial return but also help secure Australia's future energy needs."

Project developer Future Energy managing director David Shapiro said community-owned and managed wind farms were common in Europe and the UK.

"Now we are seeing Australians strongly embracing the concept," he said.

"The share offer is open until the end of October and we will give priority to local investors if the offer is oversubscribed."