AGL Energy Ltd has announced on Thursday that it will partner with New Zealand's Meridian Energy to build a wind farm in Victoria State by early 2013, which will cost about one billion Australian dollar.

This shows that policy measures made by Australia to encourage renewable energy investment have started giving good results.

Energy supplier AGL Energy Ltd. reported a 22 per cent jump in first half underlying profit and reported to stick to its full year guidance. However, it speculates a weaker second half.

AGL posted an underlying net profit for the six months to December 31 as $234.8 million compared from $192.5 million in the same period last year.