Roaring 40's fizzles
The joint 'Roaring 40's' joint wind farm construction project between Hydro Tasmania and China Light and Power (CLP) is to be dissolved.
The venture, which was costed at $450 million, was to involve the construction of an extensive wind-farm in Musselroe, in Tasmania's North-East.
The cancellation of the project has led to redundancies in the venture's 40 staff. The termination of the agreement between the two companies will lead to the division of the Roaring 40's assets between Hydro Tasmania and CLP's subsidiary TRUenergy.
Hydro Tasmania chief executive Roy Adair announced the cancellation after extensive discussions between the two companies, citing "changing circumstances" as affecting the joint venture.
The decision to dissolve the project has been approved by the State Government while the respective boards of both companies have agreed on provisional terms to conclude the venture.