By Giulia Petroni
Naturgy Energy Group SA said Friday that its joint venture with the Kuwait Investment Authority, called Snowy Hydro and Global Power Generation, will build a 218-megawatt wind farm in Australia.
The Spanish energy company said the farm, which is located approximately 300 kilometers (186.4 miles) from Melbourne, is estimated to require an investment of 359 million Australian dollars ($261.9 million). Operations are expected to start in the second half of 2022.
The contract includes a 15-year power purchase agreement for 75% of the energy produced.
"With this agreement, Naturgy doubles its presence in Australia increasing its capacity to approximately 500 megawatts, becoming the third largest independent wind energy producer in the country," the company said.
Naturgy owns 75% of Snowy Hydro and Global Power Generation.
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