“Canberra-based company Windlab told the ASX it was planning to downgrade the value of its stake in north Queensland’s Kennedy Energy Park.
The Australia-first facility combines 12 wind turbines, 55,000 solar panels, and four megawatt hours of battery storage, all designed to power 35,000 homes.
Located east of the town of Hughenden the project was completed in early 2019, but problems receiving Australian Energy Market Operator (AEMO) standards mean it has generated a fraction of its capacity.
The ASX statement said independent advice would be sought on a final figure but indicated the loss to the carrying value of the investment would be $10 to $20 million dollars.
Trading in Windlab shares are currently suspended as investor Federation Asset Management is negotiating to buy the company’s outstanding stock.
A legal dispute with contractors Vestas Wind Systems and Quanta Services over the connectivity delays has been paused until mid-March, with parties agreeing to try to resolve the claims.”
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Major, Tom. News 4 March 2020.