Wednesday, 27 May 2020 Sydney

AGL and New Zealand firm Meridian Energy to set up $1 billion Renewable energy plant in Victoria::

AGL Energy Thursday said it had reached an agreement with New Zealand firm, Meridian Energy for the construction of a wind farm in Victoria State. The cooperation will see the New Zealand renewable energy firm, Meridian, and AGL set up a wind farm at an estimated $1 billion worth of investment. The wind farm will subsequently become the biggest such renewable energy project of its kind in the south west of Victoria.

The new wind farm is expected to produce 420MW and will be constructed by Danish firm, Vestas, and Leighton Contractors. Named the Macarthur wind farm, the project is expected to be complete by early 2013, according to a statement from AGL Energy. As such, the 420 MW Macarthur wind farm is expected to provide power to about 220,000 in Victoria State and will reduce green house gas emissions for the state by a whopping 1.7 million tons per annum.

This is the equivalent of retiring about 420,000 auto mobiles from Australian roads. A statement from AGL Energy further said that the investment had been helped by the adjustments made to the country’s Renewable Energy Scheme. Michael Fraser, AGL chief executive, said the investment is line with AGL’s renewable energy plans and thus foments the company’s position as one of the foremost developers, owners and operators of clean energy assets in Australia.

In the agreement, AGL and Meridian will submit 50% of the overall investment cost each for the wind farm. The Macarthur wind farm will run 140 Vestas wind turbine generators. AGL said its 50% investment input into the project will be financed through its existing balance sheet capacity. Additionally however, AGL gets all of the wind farm’s energy output and renewable energy certificates.

AGL said the wind farm project would create employment for some 400 individuals directly, and an additional 800 indirect jobs to be generated during the construction. Upon completion, the wind farm will employ 30 full time employees. Analysts said the major renewable energy undertaking is sign that investors are regaining confidence in the Australian Clean energy sector following a long period of uncertainty.  

Meridian Energy is the largest state-owned electricity generator in New Zealand, supplying electricity to the largest customer, the Tiwai Point Aluminium Smelter and over 180,000 residential, business and rural customers throughout our country. Its electricity is generated entirely from renewable resources.

13 Aug 2010.