Australia - AGL Energy enters into agreement with Wind Prospect Pty Ltd

AGL Energy Limited has entered into an agreement with Wind Prospect Pty Ltd to acquire the rights to build the fourth wind farm in the Hallet 4 wind farm development in South Australia, the deal is still subject to regulatory approval.

The farm will include around 63 turbines with a capacity of 189MW if the deal goes ahead said managing director Michael Fraser.

"These assets will play an important part in meeting future renewable energy needs arising from the federal government's 20 per cent renewable energy target," Mr Fraser said.

"AGL anticipates that, when fully operational, the Hallet 4 wind farm will generate enough renewable energy to power approximately 67,000 average Australian households and avoid up to 346,000 tonnes of CO2 emissions per year."

Seperately on Monday, AGL confirmed it expects fiscal 2008 net profit in a range of $330-$360 million, in line with a forecast first given last October.