General Electric Co. agreed to help develop a A$450 million ($348 million) wind farm in Australia, spurred by parliament’s approval of a new renewable energy target.
GE will supply turbines to the 240-megawatt Ararat wind farm in the state of Victoria that’s being developed with partners including Renewable Energy Systems Ltd., according to a statement from the companies. The development is expected to become the nation’s third-largest wind farm.
The legislation passed earlier this week to revise the target ends a period of uncertainty that crippled spending in the clean-energy industry. That should pave the way for more than A$14 billion in new investment in large wind and solar projects, Bloomberg New Energy Finance estimates.
“With certainty comes investment,” Geoff Culbert, GE’s local chief executive officer, said in the statement announcing the first contract to be signed since the policy resolution.
The Victorian wind farm has a power-purchase agreement with the government of the Australian Capital Territory covering about 40 percent of the energy. Partners Group AG, RES, OPTrust and GE will finance the development, while Downer EDI Ltd. will help build the project, according to the statement.
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