CBD Energy signs joint venture

Australian energy company CBD Energy has signed a joint venture with two major Chinese energy providers: Datang Renewable Power and Baoding Tianwei Baobian Electric.

The joint venture, named AusChina Energy Group, has future ambitions to develop AU$6 billion of renewable energy projects over the next eight years.The group is hoping to target a market share of one-third of Australia's wind energy market.

AusChina Energy Group's starting portfolio includes several wind projects, with a total capacity of 500 MW, and is expected to increase to 1500 MW over the next three years. The group is also planning to manufacture PV solar panel kits for homes in the near future.

"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," Gerry McGowan, CBD Managing Director, said.

The group hopes to decrease the price of power over the next 10 years by making renewable energy more affordable. Future projects planned expect to create 116 permanent jobs in Australia.

"The sheer size of the contribution in terms of equipment cost, purchasing power and funding will make AusChina Energy Group a very competitive player in Australia's energy sector," McGowan said.

The new headquarters will be in Sydney.