China’s Beijing Energy International Holding (BEIH) has announced the acquisition of a 40 per cent equity interest in an Australian renewable company.
The $183 million deal, which is subject to regulatory approvals, will see BEIH’s Australian subsidiary, Beijing Energy International (Australia) Holding, take ownership of the stake.
The Target Company, a subsidiary of Beijing Jingneng Clean Energy Co.(JNCEC), owns and operates three major renewable energy projects in Australia – the Gullen Wind Farm, Gullen Solar Farm, and Biala Wind Farm.
The Gullen Wind Farm is an operational wind farm located in the Southern Tablelands of NSW. It consists of 73 turbines and produces 165.5 megawatts (MW) of renewable power under ideal wind conditions.
The Gullen Solar Farm, with an installed capacity of 10MW, features 42,000 solar panels and began generating electricity in 2017. It produces approximately 22,000 megawatt-hours of clean, renewable energy annually, sufficient to supply around 3100 NSW homes.
The Biala Wind Farm has an installed capacity of approximately 110MW, generating enough electricity to power about 46,000 typical homes on an average windy day.
Together, these assets in the Southern Tablelands of New South Wales have a combined installed capacity of 286.2MW.
The acquisition is subject to several conditions, including approval from the Australian Foreign Investment Review Board and the independent shareholders of both BEIH and JNCEC.
The Independent Board Committee of BEIH, comprising all independent non-executive directors, has appointed Pulsar Capital as the independent financial advisor to provide guidance on the transaction.
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