Live Currency Rates
 
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Aviva Corporation completes sale of non core Western Australia power project  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 10/02/2013

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - ProactiveInvestors - Australia) Aviva Corporation (ASX: AVA, BSE: AVIVA) has completed the sale of its wholly owned subsidiary Coolimba Power to Westgen.

Coolimba Power holds the Coolimba project approvals and coal intellectual property that were developed as part of the process to proceed with the Coolimba Project.

Aviva will receive A1 million from Westgen if financial close is achieved to construct a coal or gas project under the Coolimba project approvals.

The Coolimba project approvals consist of the approval to develop a 450 megawatt coal-fired and/or a 360 megawatt gas-fired power generation facility.

Westgen has successfully developed over 2000 megawatts of greenfields power projects in Australia.

The company's focus is on developing a range of renewable energy projects in Western Australia, especially solar and biomass.

WestGen is also in a joint venture partnership to develop a 40 megawatt biomass project in the southwest of Western Australia and is well advanced with a number of large scale solar projects in the Mid-West region of the state.

Aviva developed the Coolimba Project from the outset and became involved in it due to Western Australia's looming energy fuel shortage and growing energy demand, especially in the Mid-West region.

In the 2010 financial year Aviva made the decision to fully write off the investment in Coolimba when Synergy, after running a supply procurement program elected not to purchase any base load capacity in the 2014-15 year.

The Coolimba Project would have sourced its coal from the Central West Coal project.

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help