Both fundamentals and technical indicators…
The 4th of May saw…
India’s wind-power company Suzlon Energy, one of the world’s largest, is planning a $1.3 billion project in regional South Australia. The wind farm, if built, will generate enough electricity to power 225,000 homes annually.
Suzlon Energy Australia chief executive Dan Hansen stated that the "Ceres Project" was initiated by farmers and developers on South Australia's Yorke Peninsula and, if built 13 miles southwest of the town of Ardrossan, would be South Australia’s largest wind farm, with up to 180 turbines capable of generating up to 600 megawatts, The Australian reported. Hansen told reporters, "The Ceres Project will create local jobs, place the region on the global map as a leader in renewable technology and give Yorke Peninsula farmers and landowners the opportunity to diversify their income streams."
Suzlon Energy Australia’s proposal has yet to complete feasibility studies, receive planning approval or obtain financial backing, but South Australia’s government is solidly behind the proposal, as it supports its goal of having 33 per cent of its energy come from renewable.
Local landowners, who initiated the project, also support Suzlon Energy Australia’s proposal, which would utilize their rich wind resources.
If built, Suzlon Energy Australia’s proposed Ceres project will be linked to the main grid near Adelaide via a 40-mile sub-sea high voltage direct current connection across the Gulf of St Vincent.
By. Charles Kennedy, Deputy Editor OilPrice.com
Charles is a writer for Oilprice.com