AGL acquires rights to 1GW project

AUSTRALIA: Major utility AGL has bought the rights to develop a wind farm in New South Wales with a potential generating capacity of 1GW.

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AGL this morning announced it had acquired 100% ownership of project company Silverton Wind Farm Holdings from its shareholders, German developer Epuron, which held a 50% stake, and Macquarie Capital
Wind Fund - a joint venture of Portuguese group Martifer Renewables and Macquarie Capital.

The wind farm site is located near the township of Silverton, approximately 25km north west of Broken Hill, New South Wales.

Silverton has development approval for 282 wind turbines in Stage 1 and concept approval for a further 316 wind turbines in subsequent stages. Subject to electricity network capacity, AGL will develop up to 300 MW in Stage 1, with the option for subsequent stages to bring the site capacity up to 1GW. Stage 1 would represent an investment of €800 million.

Martifer first announced its intention to sell off the wind farm over a year ago as part of its 2011-2012 plan to sell €120 million in non-strategic assets such as wind power.
Subject to market conditions, AGL expects that construction on Stage 1 of the project could commence in 2013.

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