The share registry closed, for the second time, on Friday

A media release issued on Monday said the money was raised despite the "most tumultuous economic conditions in decades".

Chairman Simon Holmes a Court, who has a holiday home in the shire, said that despite plummeting share values and falling super funds, the share applicants had "demonstrated that they understand the urgent need to reduce this country's CO2 emissions by supporting projects like ours".

"Even though the funds raised so far only represent around one-third of the total capital required for the project to proceed, the Hepburn Wind Board remains upbeat," he said.

"To have raised so much from the public in these very difficult times has really surprised the investment industry and we know some ethical super funds are now reconsidering our project as the sort of investment their members expect them to be supporting."

The project aims to erect two wind turbines on Leonards Hill and has already been given State Government backing to the tune of $975,000.

The co-operative said the energy produced would be enough to power about 2300 homes.

Investors will receive regular dividends from the sale of the power into the grid, and a Community Sustainability Fund will return about $40,000 annually to sustainability projects.