Wind farms fetch $133m

Age
Wednesday 8/4/2009 Page: 2

HONG Kong power giant China Light and Power has bought the Chinese windfarm assets of renewable energy company Roaring 40s for $HK730 million ($A133 million).

The purchase will enable Roaring 40s to go on a renewable energy spending spree, buoyed by the Federal Government's 20% renewable energy target and the proposed emissions trading scheme which will increase demand for cleaner power sources.

CLP Group, which owns energy retailer TRUEnergy, has bought the wind assets from Hydro Tasmania, its 50-50 joint partner in Roaring 40s. The Hong Kong-based company has also flagged its intention to buy the Khandke windfarm in India from Hydro Tasmania for about $15.5 million.