The acquisition will be conducted through a joint venture, AusChina, established this April by Datang Renewable Power, Tianwei Baobian and CBD Energy. Datang Renewable and Tianwei Baobian hold respective stakes of 63.75% and 12.5% in the joint venture.
CBD Energy announced on September 21 that it won approval from the local government for the installation of 61 wind turbines in its Taralga wind farm which is scheduled for completion in 2013.
According to CBD Energy, AusChina specializes in the renewable energy field, including wind power and solar power. AusChina plans to build AUD 3 billion worth of wind power and solar power plants in the next three years.
Total investment in the next eight months will hit AUD 6 billion, and the company is targeting a 33% share of the local renewable power market.