AusChina Energy Group, a venture between Australia’s CBD Energy Ltd. 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.