CBD Energy says it has partnered with China’s second-largest state-owned utility to develop $6 billion worth of wind and solar energy projects in Australia.
CBD Energy says it yesterday finalised a joint venture with the China Datang Renewable Power Co and solar equipment maker Baoding Tianwei Baobian Electric Co.
The companies will form a new entity called the AusChina Energy Group, which aims to develop $3 billion worth of wind and solar power plants in Australia within three years and $6 billion over eight years.
Under the deal, the Chinese firms would provide equipment and funding for the projects, lowering project costs. CBD general manager Gerry McGowan has said that as a result of this structure, he was confident the company’s wind energy assets could reach grid price parity with coal-fired power within three years.
The cost of coal-fired power is currently around $45 per megawatt hour (MWh), Mr McGowan said, but wind power costs $95 per MWh, or $70 to $85 per MWh when renewable energy certificates are factored in.
AusChina will make a final investment decision this week on its first 100 megawatt wind farm project at Taralga in NSW. CBD Energy will project manage the developments, negotiate approvals and power purchase agreements.
A Victorian government incentive to encourage the installation of solar panels isset to be the latest scheme effected by the Federal governments extremely popular rebates for energy generators.
Acciona, agreed to sell two highway concessions in Chile to Italy’s Atlantia SpA as part of its plans to sell mature assets.
Acciona, based in Madrid, sold its stakes in Chilean concessions to Atlantia for 293 million euros ($418 million), the Spanish company said in a statement.