Hydro Tasmania's $80 million wind farm sale

Wednesday, Apr 08, 2009

Hydro Tasmania has improved its balance sheet by more than $80 million by selling Roaring 40s' China windfarm portfolio to its joint venture partner CLP.

Hydro has today also announced that it expects to sell the rest of its Asian business, including the Khandke project in India, within weeks.

The sale will allow Roaring 40s to proceed with renewable energy projects in Australia, including the $150 million Musselroe Bay development and a South Australian project at Waterloo.

Roaring 40s was established in 2005 as a 50-50 joint venture between Hydro Tasmania and the CLP Group.

The sale to CLP of Roaring 40s' Chinese business will generate $66 million while the Khandke Wind Farm in India is expected to fetch $15.5 million, giving Hydro Tasmania a return of about $81.5 million.