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Australia

Australia

Purchase agreement for 232 MW Victoria project

Small international renewables company Wind Hydrogen Limited, based in Australia, has entered into an asset purchase agreement for the 232 MW Mount Gellibrand project in Victoria, which was granted state government approval in August. Wind Hydrogen is buying the 116 turbine project, valued at $A460 million when complete, from German developer Pro Ventum International GmbH, for an undisclosed sum. Construction is scheduled to start in 2007, with the first power to be delivered a year later. Pro Ventum will continue to have an advisory role on the project's development and is retaining a minority interest. Mount Gellibrand brings Wind Hydrogen's portfolio of wind plant development rights to 27 projects across Australia, the UK and the United States, with a combined capacity of 553 MW. The company is also negotiating to secure rights over another ten projects totalling 552 MW across the UK, US and New Zealand. It has also announced plans to undertake a $A5 million capital raising ahead of an expected full listing on the Australian Stock Exchange. The funds will be used for pre-construction work on its wind projects awaiting approval, to prepare submissions for more advanced projects, and secure the rights for other projects in the pipeline.

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