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Queensland sells off wind farm assets to help climate change  

The Queensland government has sold off its wind farm assets, with over $400 million to be poured back into climate change initiatives.

Premier Anna Bligh today said the assets, spread across Queensland, South Australia, Western Australia and Victoria, had been sold to successful bidder Transfield Services Infrastructure Ltd.

Transfield will purchase the assets from Stanwell Corporation Ltd and Tarong Energy Corporation for $460.4 million.

Ms Bligh said the money would go towards Queensland’s climate change fund, established to provide an ongoing funding source for climate change initiatives.

“This is an excellent financial outcome for Queensland taxpayers and paves the way for further investment in one of the most significant global challenges we face,” Ms Bligh said in a statement.
“After accounting for costs of sale and debt, it is estimated that $430 million in net sale proceeds will be available for investment in our ground-breaking Queensland climate change fund.

“That’s $130 million more than we originally anticipated for the fund.

“This total investment could be expected to provide an ongoing annual funding source of approximately $30 million.”

Ms Bligh said the money would be used for projects which encourage Queenslanders to live and work more sustainably.

Treasurer Andrew Fraser said the announcement completed Queensland’s wind and gas sales.

The combined gross sale proceeds from the earlier sale of the Enertrade gas business and the wind assets is $728.4 million.

The Courier-Mail

29 November 2007

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

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