China Datang Corp Renewable Power Co Ltd on Wednesday said it formed a joint venture with Australia's power storage firm CBD Energy Ltd and another Chinese firm to develop wind and solar projects in Australia.
China's second-largest wind power producer took a 63.75 percent stake in the new company, while CBD owned 23.75 percent, the company said in a statement.
Baoding Tianwei Baobian Electric Co , a Chinese maker of power transformers, will own the remaining 12.5 percent, it said.
Datang did not disclose financial details of the deal, but said that the new company was expected to develop renewable energy ventures including the establishment of solar thermal projects in Australia.
The new venture, AusChina Energy Group, is being established at a time when Australia is pushing to develop its renewable energy market, offering perks in the form of renewable energy certificates which investors could use to offset the cost of investment in clean energy projects.
Australia has set a national target of 20 percent renewable energy generation by 2020.
