Datang Renewable forms JV for €4.4 billion in Australian wind, solar projects

China Datang Corp. Renewable Power Co. Ltd., the renewable energy subsidiary of China Datang Corp., has finalized a joint venture with CBD Energy Ltd and Baoding Tianwei Baobian Electric Co. Ltd. to develop approximately €4.4 billion ($6.3 billion) of wind and solar energy projects in Australia.
Datang Renewable forms JV for €4.4 billion in Australian wind, solar projects

The new venture, to be known as AusChina Energy Co. Ltd., plans to develop €2.2 billion ($3.2 billion) worth of wind and solar power plants in Australia within three years and €4.4 billion ($6.3 billion) over the next eight years.

If all goes as planned, that rate of development would allow the JV to corner a third of Australia’s renewable-energy market.

“The new venture company is not only for development in Australia, it will also be developed as the platform for Datang Renewable’s international expansion,” said Hu Guodong, deputy general manager of Datang Renewable.

“Besides this Australian project, we are also looking for and approaching potential partners in the United State and South America,” Hu said.

The plan was outlined in a statement China Datang Corp filed with the Australian Stock Exchange on Monday.

The Chinese partners will provide equipment and funding to the venture, according to the statement.

Datang Renewable will control a 63.75 percent stake in the venture; while Australia’s CBD Energy will own 23.75 percent and China’s Baoding Tianwei will hold 12.5 percent.

Founded in 2009, Datang Renewable is the second-largest wind power unit among China’s top five power producers. The company has an installed wind power capacity of 2.65 MW and operates in 21 provinces and 43 regions in China.

For additional information:

China Datang Corp.

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