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Infrastructure strategy on track with commissioning of Townsville power station

08 February 2005

Transfield Services today announced the latest step in its infrastructure strategy with the commissioning of the newly converted and expanded Townsville Power Station. The station was officially opened by the Premier of Queensland the Hon Peter Beattie and today the station began operating as a base-load power station contributing energy to the Queensland electricity grid.

Originally operated as a peak-load power station providing 160 MW output powered by jet fuel, it has been converted to a gas fired base-load power station and expanded in order to produce over 220 MW. The conversion and expansion carried out over 18 months by Siemens at a cost of $115 million and was completed on time and on budget.

The project was financed by a combination of internal funds and debt provided by ANZ Bank, Royal Bank of Scotland and Westpac Banking Corporation on a project finance non-recourse basis. This is consistent with Transfield Services’ approach to financing its other major projects which ensures no additional risk or recourse to the company.

The output of the Townsville Power Station is contracted to Enertrade under a long-term Power Purchase Agreement which ensures the project has no exposure to market risk. Payments for the increased capacity commence from commissioning.

The next stage in Transfield Services Infrastructure Strategy will be met with the commissioning of the Kemerton Power Station in Western Australia. Construction of the Kemerton Power station which is contracted to Siemens on a fixed price turnkey contract and is project financed is running on schedule and is due for completion in October this year.

Once Kemerton is complete Transfield Services’ power stations will provide in excess of 650MWs of power under long-term contracts.

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Transfield Services employs over 27,000 people across 21 industries and 13 countries.

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