CBD Energy Embarks On Major Solar And Wind Power JV
In an important milestone for Australia’s renewable energy sector, Sydney-based renewable energy CBD Energy today formally released details of a $6 billion deal to develop solar and wind energy projects throughout Australia over the next eight years.
CBD Energy will form a joint venture with China’s second-largest utility, Datang Renewable Power Co. and solar equipment manufacturer Baoding Electric Co., Ltd to form a new corporate entity, the AusChina Energy Group.
The deal furthers confirmation of the long-term viability of renewable energy as an alternative to coal-fired power in Australia. CBD Energy says binding agreements were signed on the 18th of April with a JV development target of around $6 billion, to be aimed at capturing a sizeable chunk of the Australian renewable energy market over the next decade.
In the short term, through the construction and acquirement of solar thermal and wind assets in the next three years, the AusChina group intends to have 1500 megawatts (MW) of renewable projects generating power into national electricity grids.
The Group’s China partners will supply solar energy plant and wind farm equipment and expertise in construction of large-scale renewable energy supply facilities.
CBD Energy Managing Director, Mr Gerry McGowan, said establishment of AusChina Energy Group was not only a major commercial step for Australia and China but it meant a considerable boost for the renewable energy sector in Australia.
“These projects bring capital and new technology into the country and will establish a significant number of jobs as well as contributing to Australia meeting its renewable energy targets,” Mr McGowan said.
