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Allens helps create energy giant

Allens helps create energy giant

Allens Arthur Robinson has acted on the establishment of AusChina Energy Group, a renewable energy joint venture between two of China's largest state-owned renewable energy businesses, China…

Allens Arthur Robinson has acted on the establishment of AusChina Energy Group, a renewable energy joint venture between two of China's largest state-owned renewable energy businesses, China Datang Renewable Power Co (Datang) and Tianwei Baobian Electric Co (Tianwei), and the Australian company CBD Energy Limited (CBD).

Datang has a 63.75 per cent stake in AusChina Energy Group, while Tianwei and CBD have 12.5 per cent and 23.75 per cent interests respectively.

The AusChina Energy Group, which is a stapled investment joint venture group, is reported as having a development target of approximately $6 billion worth of renewable energy projects over eight years, which would represent one third of Australia's wind energy market.

Datang and Tianwei are both subsidiaries of ultimate parent companies which are ranked in the Fortune Global 500. Datang, which is listed on the Hong Kong Stock Exchange, focuses on the development, construction and operation of wind power projects, including the world's largest wind farm, the Sainhanba Wind Farm in Mongolia, which has a capacity of 1000MW.

Tianwei, which is listed on the Shanghai Stock Exchange, is the main operating company of the Baoding Tianwei Group, the largest electrical supplier in China. It is also a producer of wind turbines and has been involved in the development of solar grade silicon, solar PV, solar thin film and solar thermal equipment.

CBD is an ASX-listed Australian renewable energy company.

Under the agreement, CBD, Datang and Tianwei have each agreed to develop any Australian wind energy opportunities through AusChina Energy Group.

As Datang and Tianwei consider further global expansion, it is possible that AusChina Energy Group may be a vehicle for undertaking further overseas projects.

Allens Sydney partner Jeremy Low led a team of lawyers from the firm's Sydney, Beijing, Shanghai and Hong Kong offices.

"This joint venture represents not only an investment in renewable energy as part of the solution to climate change but also the further development of closer economic ties between Australia and China," said Low.

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Allens helps create energy giant
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