Aug 16 2010
AGL Energy Ltd, a power generating company, has recently made an announcement stating that it has established a pact with Meridian Energy of New Zealand for the purpose of constructing a 420 MW farm in Victoria, Australia.
The wind farm constructed at an estimated amount of $1 billion is expected to be launched by the year 2013. On completion, this wind turbine is expected to provide electric power to 220,000 households in Victoria. It is projected that this wind turbine will offset 1.7 million greenhouse gas emissions at the outset.
AGL in action
AGL Energy and Meridian Energy are planning to share the project investments between them. AGL has awarded a $290 million contract of designing and building the wind turbine farm work to Vestas-Leighton Contractors. The company is all set to install 140 numbers of Vestas V112-3.0 MW wind turbine generators. AGL is planning to meet the total cost of the project from the allocated funds that will be reflected in the current balance sheet of the company. Such an arrangement is expected to benefit the company by way of total output from the wind farm in addition to collecting renewable energy certificate.
Michael Fraser, the Chief Executive of the company is positive about the project bringing significant amount of benefits for both AGL and Meridian. He added the use of Vestas wind turbines will help the company to save on costs by reducing the number of wind turbine towers from 174 to 140. He added that the project in addition to bringing substantial environmental and economic benefits to the region will also bring 400 direct employment as well as 800 indirect employment opportunities.