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Australia

Australia

Renewables firm Roaring 40s signs deal for150 MW

Roaring 40s -- a renewable energy company formed last year as a joint venture between Hong Kong's CLP Group and Australia's Hydro Tasmania -- has signed a co-operation agreement with Chinese energy firm Guohua Energy Investment Co-operation to develop 150 MW of wind plant in China. It follows an agreement last year with China Datang Corporation to develop a 49 MW wind farm in Jilin province, now under construction for commissioning in October. Guohua is the energy arm of the Chinese government's Shenhua Group. The Guohua agreement represents around A$300 million (EUR 181.3 million) of project investment, with projects expected to proceed on the basis of A$200 million (EUR 120.9 million) in bank finance and each partner contributing equity of A$50 million (EUR 30.2 million) for an expected three 50 MW projects. The first is slated for Shandong Province on the east coast, with construction planned to start later this year and operation in 2007.

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