$1 billion investment

The South Eastern Times, Page: 1
Thursday, 13 July 2006

Lake Bonney Wind Farm proponents, Babcock and Brown Wind Partners (BBW) could spend approximately $1 billion in the region over the coming decade. The company has already outlaid over $300m. on stage one of their wind farm and work has begun on stage two, involving the construction of another 53 turbines worth $400m. When completed in March 2008, BBW will have 99 turbines operating along the Woakwine Range, overlooking Lake Bonney.

The two stages will create the largest wind farm in Australia and one of the largest in the world. At council's development assessment panel meeting on Tuesday (July 11), Mayor Don Ferguson said Babcock and Brown had intimated they were considering the construction of a 35 megawatt biomass plant near Millicent and 400MW of extra wind farms. "I, and the council CEO Frank Brennan, have been in constant contact with Babcock and Brown regarding renewable energy in South Australia, and I recently spent time with them in Canberra and Adelaide talking to government officials," Mayor Ferguson said. "The State Government are hoping to have 20 per cent renewable energy in SA by 2014 and 50% by 2050. I have written to the Premier, Mike Rann, pointing out BBW's interest in being part of the plans to meet the 20% target."

The Mayor said the next stage of the wind farms would stretch from Beachport to Cape Jaffa and the biomass plant would cost about $70m and would involve the employment of 150 people during construction. Legislation for the renewable energy targets are expected to go before State Parliament at the end of this year or early in 2007. Babcock and Brown spokesman, Miles George said the renewable energy Bill could be the trigger to allow them to go forward with further projects in the region.

"The draft Bill is a great step forward with incentives for retailers to purchase wind power. It will be up for consultation shortly before being put to parliament," he said BBW is a specialised investment fund focussed on the wind generator sector, and was listed on the Australian Stock Exchange in October 2005, with a market capitalisation of approximately $A800m.