Monday, 8 July 2013

OneWind Australia to invest $2bn for five wind projects totalling 1GW
24 May 2013

Wind energy company OneWind Australia is mulling an investment of $2bn to launch five wind power projects totalling 1GW in the country by 2015. The company, supported by private equity fund Denham Capital Management, stated that these projects are planned in New South Wales, Tasmania, South Australia, Western Australia and Queensland.

Confirming the plans, OneWind Australia managing director Michael Toke told Bloomberg that the projects are likely to cost between $1.5bn and $2bn. The wind farms would have a combined capacity of nearly 1,000MW, with the 100MW Glen Innes plant in New South Wales to be launched first, revealed Toke.

OneWind said the company planned the expansion in the wind power sector to leverage declining cost of wind power in Australia and the country's policy to obtain 20% of its power from renewable energy by 2020. "Compared with other places in the world, wind is quite competitive in this market", Toke said. "It's a combination of the competitiveness of wind and the need for new renewables here. There's an opportunity to generate good returns".