Spanish firm to invest $1.56 billion in Victorian wind farms
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1 December 2008
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Spanish firm Union Fenosa will invest $1.9 billion in a portfolio of seven Australian wind farms, including a $1.56 billion injection into five Victorian projects due for completion in 2013.
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Phase one of the project will see the construction of wind farms at Hawkesdale and Ryan Corner in western Victoria and Crookwell in New South Wales to be completed in 2010.
The second phase, due for completion in 2013, will see the construction of wind farms at Tarrone, Berrybank and Darlington in Victoria as well as Paling Yards in NSW.
The Spanish company has demonstrated a strong commitment to Victoria’s renewable energy market and the investment will create a total of 265 jobs in Australia.
Federal Trade Minister Simon Crean welcomed the announcement as a boost to Australia’s clean energy capabilities that would help to reduce the nation’s greenhouse gas emissions.
"Union Fenosa Wind Australia’s facilities will boost growth in the local industry, creating new business and jobs to supply parts, maintenance and other services during their whole life cycle," he said.
The electricity produced by the first three wind farms in phase one would supply the annual consumption of 186 000 households. On completion in 2013, the seven wind farms will represent an additional 850 MW generation capacity to Australia’s existing wind generation capacity of 824MW.
"The Rudd Government is committed to ensuring that we have the appropriate policy settings to confront the challenges of climate change as well as the expertise and infrastructure necessary to take advantage of the economic opportunities the arise from expanding global demand for this type of energy solution," Mr Crean said.
"In addition these facilities will make a significant contribution to the Rudd Government’s renewable energy target that commits to at least 20% of Australia’s electricity supply being generated from renewable sources by 2020.”
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