Tuesday, 28 May 2013

Hydro Tasmania signs on for $1.6bn plan

10 Apr 2013

Hydro Tasmania and Chinese energy company Shenhua have today signed a strategic cooperation agreement in Beijing that the companies say could lead to $1.6 billion in wind power investment.

"This strategic agreement builds upon the excellent relationship that has developed between Hydro Tasmania and Shenhua over the past few years, with respect to Australian wind farm development", Hydro Tasmania chairman, Dr David Crean, said.

"This follows on from the Roaring 40s joint venture involving Shenhua subsidiary Guohua and Hydro Tasmania from 2007 to 2009 where several wind farms were jointly constructed and managed in China".

In February this year Shenhua acquired a 75% stake in the Musselroe wind farm, a project due for completion by Hydro Tasmania in July 2013. Prior to that Shenhua bought a 75% stake in the Woolnorth wind farms (Bluff Point and Studland Bay) in 2011.

Hydro Tasmania CEO Roy Adair said the strategic cooperation agreement will guide the two businesses as they work on plans to develop, build and operate a further 700 MW of wind farms in Australia by 2020, with a total estimated investment of $1.6 billion.

"The company is one of the world's largest wind developers and brings a wealth of expertise in the renewable energy sector and a strong interest in working with us on other renewable energy projects", he said.