Downer EDI wind farm partner files self-administration proceedings

Company News

by Rachael Jones

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Last Updated: 24/02/2020 10:13 AM

Downer EDI (ASX:DOW) reports that their partner in the Murra Warra Wind Farm in Victoria, Senvion has filed self-administration proceedings in Germany.

Downer noted that they and Senvion share liability under the project jointly.

Total losses in relation to Downer’s obligation to complete the Murra Warra Wind Farm are expected to be $45 million before tax, that's $31.5 million after tax.

Downer’s balance of plant work has been completed on schedule and on budget.

36 of the 61 wind turbine generators have been erected with 13 already generating electricity.

Downer will recognise the impact of its losses relating to the Murra Warra Wind Farm in its financial statements for the year ended 30 June 2019.

Shares in Downer EDI (ASX:DOW) are trading 2.08 per cent higher at $7.37

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.