Forum Archive Index - August 2002

[Adam Rands <adam@iguana2.com>]

Picking up on a thread from a few months back

Pacific Hydro have been granted State approval for the new wind farm in 
Portland.

Share price up 6% on the news.

I really think this is an exciting project economically and environmentally.

2000 new jobs for Victoria
800,000 tones less green house emissions
Huge export potential to Asia given the pollution problems they are facing.

Did anyone get in a few months back?

Adam

Disc - Long PHY and considering buying more


>PACIFIC HYDRO LIMITED                         2002-08-15  ASX-SIGNAL-G
>
>HOMEX - Melbourne
>
>+++++++++++++++++++++++++
>Australia's leading renewable energy company, Pacific Hydro (ASX:
>PHY) is poised to double its generating capacity following today's
>State Government approval of the 180 MW Portland Wind Energy Project.
>The project now needs the endorsement of the Federal Environment
>Minister for it to proceed.
>
>Full approval of the project will see 120 wind generators built at
>Cape Bridgewater, Cape Nelson, Cape Sir William Grant and Yambuk,
>creating one of the biggest wind farm projects in the world, and the
>largest in the southern hemisphere.
>
>Pacific Hydro Managing Director Mr Jeff Harding welcomed the
>decision, and acknowledged the massive contribution of the Portland
>community to the development of the project throughout the two year
>planning process.
>
>"We are delighted with this result which is a well earned outcome for
>the people of Portland who have been so supportive throughout the
>process. It is also a significant milestone for both the development
>of the wind industry in Australia and for Pacific Hydro," Mr Harding
>said.
>
>"This project exemplifies Pacific Hydro's extensive consultative
>approach to development and highlights its ability to work closely
>with the local community in delivering a project of scale and value,"
>he said.
>
>"This development will generate enough pollution free electricity to
>power a city the size of Geelong, reducing Australia's greenhouse gas
>emissions by approximately 800,000 tonnes per annum, which is the
>equivalent of taking 200,000 cars off the road. The Bracks Government
>is to be congratulated for their vision and support of Portland and
>the Australian wind industry"
>
>The project constitutes a $270 million investment for Pacific Hydro,
>and will lead to the creation of up to 2000 jobs across Victoria. The
>project also provides significant benefits in terms of tourism,
>revegetation, community support, the establishment of a renewable
>energy centre in Portland and the potential for an export industry to
>South-East Asia worth $100 million per annum.
>
>"As a result of this project Portland is set to become a key wind
>generator manufacturing centre in Australia. We have an agreement in
>place that will, barring unforeseen circumstances, see NEG Micon, a
>world leading manufacturer, establish a factory in Portland to
>manufacture wind generators for this project, as well as for wind
>projects throughout Australia and the Asia Pacific region," Mr
>Harding said. The establishment of manufacturing in Portland, and the
>successful development of the Portland wind farms will allow Pacific
>Hydro to cost effectively develop other sites.
>
>Pacific Hydro is estimating that it will have at least 500 MW of wind
>generation capacity in operation by 2005.
>
>For further information contact:
>
>Jeff Harding
>or
>Roy Adair
>
>Phone: 03 9620 4400


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