Summaries - Australian Financial Review
14 Oct 2011, Page: 5
Despite is pledge to increase the use of renewable energy in Queensland, the Bligh government has defended the sale of wind farm assets that included Emu Downs in Western Australia in June. The 80 MW Emu Downs wind farm was a joint venture between the state-owned Stanwell Corporation and failed WA tycoon Ric Stowe's Griffin Energy. Emu Downs wind farm was sold to APA Group for $171 million, which was under its construction costs. Stanwell Corporation is being merged into other state-owned power generation companies Tarong Energy and CS Energy. Deputy Premier and Treasurer Andrew Fraser said the decision to sell wind assets was made in 2007. The $430 million proceeds from wind farm sales were put into the creation of the Climate Change Fund that allocates funds to renewable energy and energy efficiency. A spokeswoman for Queensland Energy Minister Stephen Robertson said the state has aimed for a 20% renewable energy target by 2020.
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