Senvion in talks with investors for $1.2bn wind energy project in Australia

29 June 2015 (Last Updated June 29th, 2015 18:30)

German power firm Senvion is in talks with potential investors for a proposed A$1.5bn ($1.2bn) wind project in Australia.

German power firm Senvion is in talks with potential investors for a proposed A$1.5bn ($1.2bn) wind project in Australia.

Last week, the Australian Government passed a new energy target (RET), ending uncertainty over clean energy.

Senvion Australia, the local unit of the firm intends to start construction of the 600MW Ceres wind project in the second half of 2016.

Senvion Australia managing director Chris Judd was cited by Bloomberg as saying: "We are hopeful that the Ceres project will be among the first to secure financing under the amended RET.

"We are hopeful that the Ceres project will be among the first to secure financing under the amended RET."

"There is still a long way to go to rebuild investor confidence."

Once developed, the wind farm will be the largest in Australia, Senvion claims.

Australia passed legislation last week to scale down renewable energy production target from 41,000GWh to 33,000GWh by 2020.

The passage of the legislation is expected to attract renewable energy investments into the country that had been paralysed due to uncertainty.

According to Bloomberg New Energy Finance estimates, the country is likely to have more than A$14bn ($10.7bn) investments for clean energy projects involving wind and solar power.

Australian AGL Energy is also likely to announce about the proposed Silverton wind farm in New South Wales by the end of the year.