Renewable energy firm, CBD Energy has signed a joint venture agreement with two of China’s largest renewable energy companies with the aim of developing $6 billion of renewable energy projectsand a third of the Australian renewable energy market over the next eight years.

 

Partners with CBD to the joint venture are China Datang Renewable Power Co Ltd, a subsidiary of Datang Group which is China's second largest utility, with a generating capacity twice that of Australia;  and Tianwei Baobian Electric Co Ltd, a subsidiary of the Tianwei Group, one of the largest solar, wind and electrical equipment producers in China.

 

The joint venture is the first initiative in renewable energy outside China for both Chinese partner companies. CBD believes that as Datang Renewable and Tianwei Baobian consider further global expansion, it is possible that AusChina Energy Group could be a vehicle for further overseas projects.

 

The joint venture company is a new entity comprising a company, AusChina Energy Development Limited, stapled to a unit trust, AusChina Energy Development Trust.  Ownership of the joint venture is Datan Renewable 63.75%, Tianwei Baobian 12.5% and CBD 23.75%.

 

Under the agreement, AusChina Energy Group will develop and sell projects, as well as own and operate completed wind farms for the longer term.  New projects may include thermal and energy storage opportunities.

 

CBD Managing Director, Gerry McGowan, said the establishment of AusChina Energy Group would bring capital and new technology into Australia, establish a significant number of jobs and contribute to Australia meeting its renewable energy targets.

 

More information is at www.cbdenergy.com.au