Home›Questions on Notice›QoN 839

❓ A WA parliamentary question seeks clarification on Verve Energy's involvement with Mumbida Wind Farm Pty Ltd, specifically regarding its classification as a joint venture and any potential asset transfers. The answer indicates no share ownership or asset transfers by Verve Energy.

AnsweredQoN 839Legislative Assembly

Asked

27 June 2013

Member

Mr W.J. Johnston

Portfolio

Energy

QuestionView source ↗

I refer to Mumbida Wind Farm Pty Ltd, and I ask: (a) is Mumbida Wind Farm Pty Ltd, referred to in Verve Energy's annual report as a joint venture, in fact a company limited by shares and if so, why does Verve Energy use the term joint venture; (b) does Verve Energy own any shares in Mumbida Wind Farm Pty Ltd and if so, how many; (c) was there any consideration paid by Verve Energy for this share/these shares in Mumbida Wind Farm Pty Ltd and if so, what was this consideration, and to whom was this consideration paid; and (d) either prior to or subsequent to Verve Energy taking ownership of this share or these shares, has Verve Energy transferred any assets to Mumbida Wind Farm Pty Ltd, and if so, what assets and on what dates?

AnswerView source ↗

Answered

1 August 2013

Responded by

Minister for Energy

Response time

35 days

(a) In accordance with AASB 131 Interests in Joint Ventures, a joint venture is defined as a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control. Mumbida Wind Farm Holdings Pty Ltd meets this definition and is further classified as a jointly controlled entity under the accounting standards. Mumbida Wind Farm Pty Ltd is the wholly owned subsidiary of Mumbida Wind Farm Holdings Pty Ltd therefore is classified as a joint venture in accordance with the above accounting standard.
(b) No.
(c) No.
(d) No.

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