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AusChina Energy Plans A$6 Billion of Renewable Projects Over Eight Years

AusChina Energy Group, a venture between Australia’s CBD Energy Ltd. (CBD) and two Chinese companies, plans to develop A$6 billion ($6.3 billion) of renewable-energy projects over the next eight years.

The venture between CBD, China Datang Renewable Power Co. and Baoding Tianwei Baobian Electric Co. aims to get a third of Australia’s renewable-energy market by investing in wind farms, solar-thermal and energy-storage projects, CBD said in a statement to the Australian Stock Exchange yesterday.

AusChina Energy has an initial 1,500 megawatts of projects on which it plans to spend A$3 billion to develop by 2014. The Chinese partners will provide equipment and funding to the venture, according to the statement.

China Datang, based in Beijing, holds a 63.75 percent stake in the venture, while Double Bay-based CBD has 23.75 percent and Hebei-based Baoding Tianwei holds 12.5 percent.

To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at npearson7@bloomberg.net.

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net.

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