Focus

Goldwind and PCR Sign Strategic Cooperation Agreement and Equity Transfer Deal on the Australian Cattle Hill Wind Power Project
2018-04-12
Source: GOLDWIND

Goldwind and PowerChina Resources Limited (PCR) signed a strategic cooperation agreement in Sydney and an equity transfer deal on the Australian Cattle Hill wind power project on April 11, 2018.

Cao Zhigang, Board Director and Executive Vice President of Goldwind, who is also the director of the executive committee of Wind Power Group, and PCR chairman Sheng Yuming, attended the signing ceremony. The sides agreed that the agreement marked the coming together of Goldwind and PCR for opening new prospects with help of powerful synergies. The companies would give full play to their respective advantages, jointly explore the global new energy market and accelerate the pace of “going global” over China’s wind power equipment.

The two sides jointly signed the equity transfer deal on the Australian Cattle Hill wind power project. According to the agreement, Goldwind will transfer 80% of its stake in Australia’s Cattle Hill project to PCR. With excellent technical consulting and project development capabilities, Goldwind Australia, a wholly-owned subsidiary of Goldwind, will work together with PCR for the construction of the project. It is PCR's first wind power project in Australia and signals its further expansion in the renewable energy market in developed countries.

Goldwind has long been committed to the internationalization process and responded proactively to the “Belt and Road” initiative of the Chinese Government. This has provided a new opportunity for overseas acquisitions by Chinese enterprises. It has also enabled China and Australia to lay a strong ground for economic and industrial cooperation. Under consolidated national strategic support, Goldwind will deepen cooperation with central enterprises and SOEs to ride on the momentum meant to promote enterprises to “go global”. It not only helps China’s central enterprises and SOEs make successful investment overseas but also builds a strong foundation in the international market. Furthermore, it builds its own market share in the clean energy sector in Australia. It boosts overseas sales orders for independent R&D units and makes China’s voice on clean energy heard in Australia and globally.

About Australian Cattle Hill Project

The Australian Cattle Hill wind power project, located in the central highlands of Tasmania, has sound wind resources. Currently, it holds a record for high-quality wind measurement data for 6 years and 18 months of SCADA data. The project will install 48 wind turbines, which via a 3-km 220kv power transmission line, will be connected to the transformer substation under the power grid enterprise of Tas Network in Tasmania. After completion, it will be one of the largest wind farms in Tasmania.

All approvals for the project have been obtained, including the project permit approved by the Government of the Commonwealth of Australia, which is valid until 2064.

About PCR

As an important holding subsidiary of Power Construction Corporation of China (PowerChina), PowerChina Resources Limited (PCR) specializes in overseas investment businesses, including market exploration, project construction, project operation and investment risk management. It has greatly contributed to the launch of PowerChina’s development strategy, which is aimed to prioritize the growth of international businesses. By developing investment, PCR boosts the growth of its overseas EPC businesses.

PCR has sound capital operation, project development and construction capabilities in investment into and development of power and mineral resources industries.