Based on the below and your comments about twice the current price. It would depend on the method of borrowing to building the wind farms and price of product. If for instance the company did a share placement to raise capital then it may not be worth much more than today.
PACIFIC HYDRO LIMITED 2002-08-15 ASX-SIGNAL-G
HOMEX - Melbourne
+++++++++++++++++++++++++ Australia's leading renewable energy company, Pacific Hydro (ASX: PHY) is poised to double its generating capacity following today's State Government approval of the 180 MW Portland Wind Energy Project. The project now needs the endorsement of the Federal Environment Minister for it to proceed.
Full approval of the project will see 120 wind generators built at Cape Bridgewater, Cape Nelson, Cape Sir William Grant and Yambuk, creating one of the biggest wind farm projects in the world, and the largest in the southern hemisphere.
Pacific Hydro Managing Director Mr Jeff Harding welcomed the decision, and acknowledged the massive contribution of the Portland community to the development of the project throughout the two year planning process.
"We are delighted with this result which is a well earned outcome for the people of Portland who have been so supportive throughout the process. It is also a significant milestone for both the development of the wind industry in Australia and for Pacific Hydro," Mr Harding said.
"This project exemplifies Pacific Hydro's extensive consultative approach to development and highlights its ability to work closely with the local community in delivering a project of scale and value," he said.
"This development will generate enough pollution free electricity to power a city the size of Geelong, reducing Australia's greenhouse gas emissions by approximately 800,000 tonnes per annum, which is the equivalent of taking 200,000 cars off the road. The Bracks Government is to be congratulated for their vision and support of Portland and the Australian wind industry"
The project constitutes a $270 million investment for Pacific Hydro, and will lead to the creation of up to 2000 jobs across Victoria. The project also provides significant benefits in terms of tourism, revegetation, community support, the establishment of a renewable energy centre in Portland and the potential for an export industry to South-East Asia worth $100 million per annum.
"As a result of this project Portland is set to become a key wind generator manufacturing centre in Australia. We have an agreement in place that will, barring unforeseen circumstances, see NEG Micon, a world leading manufacturer, establish a factory in Portland to manufacture wind generators for this project, as well as for wind projects throughout Australia and the Asia Pacific region," Mr Harding said. The establishment of manufacturing in Portland, and the successful development of the Portland wind farms will allow Pacific Hydro to cost effectively develop other sites.
Pacific Hydro is estimating that it will have at least 500 MW of wind generation capacity in operation by 2005.
