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AGL Energy Ltd (ASX:AGK) says it will earn a development fee of $38 million from the sale of its Oaklands Hill wind farm in Victoria to an Australian corporation.
The energy producer and retailer will gain the fee upon the completion of the project, with around $30 million likely to be recognised over the next two financial years.
AGL says the sale recovers around $164 million in development costs incurred to-date and relieves the company from paying a further $38 million required for the project to be completed.
Construction is scheduled for completion at the beginning of next year and AGL will retain the rights to all renewable energy certificates and electricity output until 2036.
AGL Energy booked an interim net profit of $239.6 million in the last six months of 2010.