Australian CBD Energy partners with Chinese firms for $6 billion renewable energy joint venture

By Admin
Written By: John Shimkus Sydney, Australia-based CBD Energy has finalized a joint venture with the China Datang Renewable Power Co. and solar company B...

Written By: John Shimkus

Sydney, Australia-based CBD Energy has finalized a joint venture with the China Datang Renewable Power Co. and solar company Baoding Tianwei Baobian Electric Co. The venture will form a new company called AusChina Energy Group.

AusShina Energy Group seeks to develop $3 billion of wind and solar power plants in Australia over the next three years, targeting $6 billion within eight years.

CBD General Manager Gerry McGowan believes the partnership would push wind energy into a grid price range competitive with coal power within three years. “We expect interest rates will be lower than what we can get domestically and the gearing can be higher than we can achieve in Australia, so it will lower our cost base. Also, the cost of manufacturing is coming down significantly and the output of turbines is going up significantly.”

SEE OTHER TOP STORIES IN THE WDM CONTENT NETWORK
Renewable Geothermal Energy Pumps Up Heat’s Power Potential

The Future of Batteries: A Distributed Approach to Energy Storage

Check out the latest issue of Energy Digital!

McGowan notes the joint venture as CBD Energy’s first big push into the renewable energy sector. ''We're not one of the big players in this area yet, but we have a desire to grow our business in the renewable space,'' McGowan said. CBD will serve as project management as well as negotiate approvals and power purchase agreements. The Chinese firms involved will provide equipment and funding for projects, lowering project costs.

Share

Featured Articles

Shell invests in Qatar LNG North Field East project

Shell buys 25% stake in Qatar LNG North Field East expansion project which will have capacity of 32mn tonnes a year

Gas-led recession a 'near certainty' in Europe

Centre for Economics and Business Research estimates the risk of a recession in Europe this winter at approximately 40%

ABB scoops global energy automation technology award

ABB excels in innovating subsea systems and electrification services and providing underwater control solutions according to Frost & Sullivan

INEOS Köln awarded €770,000 for green hydrogen study

Renewable Energy

UK receives £2.7bn upfront funding to boost grid capacity

Utilities

Poland and Germany best placed for gas-to-coal switch

Oil & Gas