Meridian Energy Australia has bought the rights to a proposed 37MW hydro project on Queensland's largest water storage, the Burdekin Falls Dam, south of Townsville.
In a statement the company said the investment gives the company an option to grow its position in Australia. It is currently building Mt Mercer wind farm, a 131MW, 64 turbine project, 30km south of Ballarat and has a 70MW wind farm at Mt Millar in South Australia.
It is also introducing New Zealand's award winning retailer Powershop to Australia. The online energy store is currently operating in Victoria.
The next step for Burdekin Falls is to review the existing rights and consult with key stakeholders to determine the best timing and configuration of the project. In the long term, Meridian expects projects like Burdekin will enhance Powershop's ability to continue to provide consumers with low cost electricity.
