Australian renewable energy company Pacific Hydro has finalised a windmill purchase agreement for Stage III of its Portland Wind Energy Project (PWEP) in Victoria.

Along with this agreement, the company has committed a further A$110 million ($88 million) for Stage III bringing total investment in the project to over A$300million ($240 million).

Construction of the 195 MW development is expected to begin in early 2008 and be completed in 2009.