au.finance.yahoo.com/news/AGL-earn-38m-wind-farm-sale-aap-2304215271.html
AGL to earn $38m from wind farm saleOn Monday 27 June 2011, 15:06 EST
AGL Energy Ltd will earn a development fee of $38 million from the sale of its Oaklands Hill wind farm now under construction in Victoria.
The development fee would be recognised on the completion of the project, with $30 million likely to be recognised this financial year and the balance in 2011/12, AGL said in a statement on Monday.
The sale, to what AGL says is an Australian corporation, recoups AGL's development costs incurred to-date of $164 million for the 32-turbine wind farm.
It also relieves the company from paying a further $38 million that is required for the project to be completed.
Under the contract, the buyer will fund the remaining development while AGL will buy all the electricity from the wind farm, as well as operate and maintain it, and retain until 2036 the rights to all its renewable energy certificates.
The wind farm is about three kilometres south of Glenthompson in western Victoria.