JV to tap wind, solar power in Australia
Source: Xinhua |
April 19, 2011, Tuesday
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Print Edition
Print Edition
AUSTRALIA'S renewable energy company CBD Energy Ltd yesterday said it has finalized a joint venture with two Chinese companies to develop approximately A$6 billion (US$6.34 billion) of wind and solar energy projects in Australia.
Sydney-based CBD Energy said it set up a joint venture with China Datang Renewable Power Co, China's second-largest wind power producer by capacity, and solar power equipment maker Baodin Tianwei Baobian Electric Co.
The companies will form a new entity, the AusChina Energy Group, which aims to develop A$3 billion worth of wind and solar power plants in Australia within three years and A$6 billion over the next eight years to obtain a 33 percent share of Australia's renewable energy market.
Under the deal, the Chinese firms would provide equipment and funding for the projects, lowering costs, CBD's General Manager Gerry McGowan told Australian Associated Press.
McGowan said the firm's wind energy assets may reach grid price parity with coal-fired power in three years.
Sydney-based CBD Energy said it set up a joint venture with China Datang Renewable Power Co, China's second-largest wind power producer by capacity, and solar power equipment maker Baodin Tianwei Baobian Electric Co.
The companies will form a new entity, the AusChina Energy Group, which aims to develop A$3 billion worth of wind and solar power plants in Australia within three years and A$6 billion over the next eight years to obtain a 33 percent share of Australia's renewable energy market.
Under the deal, the Chinese firms would provide equipment and funding for the projects, lowering costs, CBD's General Manager Gerry McGowan told Australian Associated Press.
McGowan said the firm's wind energy assets may reach grid price parity with coal-fired power in three years.
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