Wind Hydrogen Acquires Mount Gellibrand Wind Farm in Victoria

Australian-based international renewable energy company, Wind Hydrogen Limited, has entered into an asset purchase agreement for the rights to Australia's most powerful wind farm, the 232MW Mount Gellibrand project in Victoria.

Purchase of the Mount Gellibrand project, estimated at $460m on completion, marks Wind Hydrogen as a major investor in Australia's maturing renewable energy sector.

Wind Hydrogen will acquire the project for an undisclosed sum from German development group Pro Ventum International GmbH, which will continue to have an advisory role on the project's development and will retain a minority interest.

Mount Gellibrand, near Colac in western Victoria, was given State Government approval last month after an exhaustive consultation process. Spanning 2,500 hectares in an area characterised by reliable wind patterns, the project will comprise of 116 turbines generating enough non-polluting energy to power 133,000 homes.

Wind Hydrogen Managing Director, Richard Pritchard, said Mount Gellibrand, under his company's direction, had the potential to become a world-class piece of renewable energy infrastructure that would be the largest in the company's growing international portfolio of wind farm projects.

"Our investment in Mount Gellibrand will be a showcase for not only the potential of wind farms to meet clean energy requirements in Australia, but also our global expertise as a developer and operator of renewable energy projects.

"We are delighted to bring Mount Gellibrand into Wind Hydrogen's development pipeline, and look forward to applying our construction and project management skills to bringing clean energy from the project to market", Mr Pritchard said.

With offices in Australia and the UK, and a growing portfolio of international project interests, Wind Hydrogen is a rapidly emerging player in the international renewable energy sector.

Including Mount Gellibrand, the company holds development rights over 27 wind farm projects in Australia, the UK and the USA, with a total capacity of 553 MW, and is negotiating to secure rights over another 10 projects in the UK, US and New Zealand, with a combined capacity of 552 MW.

As well as expertise in the design, financing and management of wind projects, Wind Hydrogen holds international patent rights over complementary hydrogen combustion technology with the potential to overcome the issue of variable output from wind farms.

The company earlier this week announced plans to undertake a $5 million capital raising ahead of an expected full listing on the ASX.

Mr Pritchard praised Pro Ventum International GmbH for the extensive community consultation process undertaken prior to gaining approval for Mount Gellibrand.

"Consultation with the local community and individual landholders was very rigorous and revealed widespread support for the project. All parties now look forward to working towards a successful completion of the project.

"Pro Ventum deserve credit for laying the foundation for a seamless transition to Wind Hydrogen as builder and operator, and we welcome their continued involvement in seeing the project to completion," Mr Pritchard concluded.

Mr Pritchard said construction at Mount Gellibrand was expected to commence in late 2007, with the first power to be delivered from late 2008.

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Posted 18/09/06

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