CBD Energy Completes First Stage Construction Of The US$265 Million Taralga Wind Farm
SYDNEY, Oct. 29, 2014 /PRNewswire/ -- CBD Energy Limited (NASDAQ: CBDE), a diversified clean energy company and leading global provider of solar systems, is pleased to announce that it has fully erected 6 wind turbines on its Taralga Wind Farm site in New South Wales, Australia, with a further 17 nearing completion. When construction is complete, the Taralga Wind Farm will have 51 operating wind turbines.
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The initial generation from constructed wind turbines is planned for December 2014. When completed, the approximately US$265 million project is forecasted to generate on average US$25 million of revenues each year for its investors. The project's off-take customer is Energy Australia, one of Australia's largest utilities.
CBD owns a 10% residual stream in the project, which will result in revenue recognition after project completion and the achievement of certain financial thresholds. Banco Santander is the majority investor in the project.
Mr. Pat Lennon, CBD's Senior Vice President of Wind said, "This project is one of the few wind farms currently under development in Australia and given the size is a project of state significance. This is a major achievement for CBD and we are excited to see the project making good progress."
About CBD Energy Limited
Established in 1989, CBD Energy Limited is a diversified renewable energy company and a global leader in solar installations. Powered by a management team with deep experience in the energy sector and strong engineering capabilities, CBD is focused on the integration of residential solar, commercial and industrial solar, small utility scale solar and wind projects, in three principal markets - Australia, the U.S. and UK.
Headquartered in Sydney, with principal regional offices in London and New York, CBD has completed projects across four continents, in countries as far-reaching as Australia, Fiji, Germany, Italy, New Zealand, the UK and the U.S. CBD has installed more than 17,000 residential systems and developed large renewable energy projects such as the 107MW wind farm in Taralga, NSW. CBD markets its residential and commercial solar installations under the name Westinghouse Solar, using the WESTINGHOUSE® trademark pursuant to an exclusive, long-term worldwide license. For further information on CBD Energy Limited and Westinghouse Solar, please visit:
Caution Concerning Forward-Looking Statements
This news release contains 'forward-looking statements. Such forward-looking statements can be identified by, amongst other things, the use of forward-looking language, such as the words 'plan', 'believe', 'expect', 'anticipate', 'intend', 'estimate', 'project', 'may', 'would', 'could', 'should', 'seeks', or 'scheduled to', or other similar words, or the negative of these terms, or other variations of these terms or comparable language, or by discussion of strategy or intentions.
The forward-looking statements in this release include statements regarding the construction cost, target completion for connection works, targeted 'power on' date, and regarding Australia's energy program, among others. Such forward-looking statements are subject to various risks, as well as those set forth in the Corporation's most recent Form F-1, as filed with the U.S. Securities and Exchange Commission (SEC), and involve assumptions, estimates, and uncertainties that reflect current internal projections, expectations or beliefs. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. All forward looking statements contained in this news release are qualified in their entirety by these cautionary statements and the risk factors described above. Furthermore, all such statements are made as of the date of this release, and CBD Energy Limited assumes no obligation to update or revise these statements unless otherwise required by law.
SOURCE CBD Energy Limited
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