China’s Goldwin to buy Australian windfarm for US$82 million

May 10, 2017

BEIJING – The Chinese wind turbine generator maker, Xinjiang Goldwind Science & Technology Co. Ltd,. Has announced plans to purchase a wind farm project in Australia for AUD110 million (US$81.5 million), vying for a greater presence in the international market.

Goldwind said it will invest up to AUD335 million in Stockyard Hill Wind Farm Pty Ltd for further development to strengthen its competitive advantage in Australia. It had already obtained investment approval from Australia's Foreign Investment Review Board, the Chinese company said.

China Daily quoted analysts as saying the purchase is in line with the recent trend of Chinese companies in the electric power sector,diversifying their earnings by investing abroad. They said Australia's energy sector will continue to attract China utilities.

"This trend is unlikely to abate in the next few quarters, given the high level of interest in the part of Chinese companies," said Joseph Jacobelli, a senior analyst with Asia utilities and infrastructure research at Bloomberg Intelligence.

 "Australia has attracted at least nine Chinese utility deals in the past 10 years, mostly State-owned grid operators and generators," he said. (ATI).