Windlab to receive milestone funds from 453-MW Aussie wind project

Australia's Windlab Ltd (ASX:WND) will receive a milestone success payment of slightly above AUD 10 million (USD 7.9m/EUR 6.7m) after the 453-MW Coopers Gap wind farm in Queensland reached financial close.

Newly-listed Windlab is the initial developer of the project, which was acquired by Australian utility AGL Energy Ltd (ASX:AGL) in 2010.

The upcoming funds are the final milestone success payment under the original sale and implementation agreement for the scheme, Windlab said today. The firm remained involved in the project following the sale by providing wind monitoring, analysis and assessment services.

"Whilst continued market uncertainty has resulted in the project taking longer to complete than initially expected, it will now play a critical role in reducing electricity prices in Queensland," commented Windlab's chairman and chief executive Stated Roger Price.

AGL announced last week that Coopers Gap has achieved financial close with its sale to the Powering Australian Renewables Fund (PARF), a partnership between the utility and diversified alternative investment firm QIC. General Electric Co (NYSE:GE) will supply the turbines for the project.

Windlab, meanwhile, has just completed an initial public offer (IPO), raising AUD 50 million, half of which is new capital and the other half proceeds for existing shareholders.

(AUD 1 = USD 0.789/EUR 0.669)

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