AGL Energy Limited (AGL) has announced that it had entered into conditional arrangements for the construction of Macarthur Wind Farm in south-west Victoria.
This follows the Federal government’s announcement last week of
proposed changes to the operation of the Renewable Energy Target (RET)
scheme. The Macarthur Wind Farm will be constructed under a joint
venture between AGL and Meridian Energy Limited. AGL will take all of
the wind farm’s energy output and renewable energy certificates. The
contractual arrangements are subject to a number of conditions
precedent, including approval by the Boards of the joint venture
partners. A key consideration of AGL’s Board in approving the
transaction will be certainty around the final form of the legislation
to give effect to the Federal government’s announced changes to the RET
scheme. When constructed, the Macarthur Wind Farm will comprise 174
Suzlon S88 turbines for a total capacity of 365MW. Construction is
expected to take approximately 3 years from the time the conditions
precedent have been satisfied.
