AGL Energy Ltd
(ASX:AGK) has formed a joint venture with New Zealand electricity generator Meridian Energy Ltd to build the much anticipated $800 million Macarthur Wind Farm in south-west Victoria.
The Sydney Morning Herald reports that AGL will take all of the energy output and wind energy certificates from the wind farm, which is expected to deliver about 945 gigawatt hours of electricity each year.
Construction is likely to take about three years, but the venture is still dependent on a series of conditions, including approval by the boards of both companies.
The wind farm at Macarthur will potentially be the largest wind farm development in Australia.
Late last year, Meridian missed out on a resource consent for its Project Hayes development.
The project involves the construction of 176 turbines with the ability to generate up to 630 megawatts of power on the Lammermoor Range in Central Otago, New Zealand.
For the 12 months to June 30, 2009, AGL Energy reported a profit of just over $1.596 billion.
