Leading Thai renewables company Wind Energy Holding has agreed to buy a stake in CWP Renewables, the Australian company behind what will be one of the nation’s biggest wind farms – the 260MW Sapphire wind project near Glen Innes in northern NSW.
In a statement on Monday, WEH said it would also purchase 50 per cent of CWP’s Australian business, including its 800MW development pipeline, on which construction will start this year.
The pipeline will continue to be developed by CWP Renewables which will be integrated with the WEH team to deliver and manage further projects across Asia.
CWP plans to complete the 260MW Sapphire wind project near Glen Innes in northern NSW in 2018 – which was recently announced as the fifth and final winner of the ACT government’s large-scale wind reverse auction – and it is also looking to add a solar farm to the facility, starting with an initial 20MW.
It bid a price of $89.10 per MWh for the output of the wind farm – a price that, unlike most power purchase agreements, does not rise with inflation and is fixed for 20 years.
After its success in the auction, the company also announced the launch of a new micro-grid division, along with a deal to invest in a project that may take the Canberra Institute of Technology off grid with a mix of solar and storage and smart control systems.
Elsewhere in the Australian market, CWP has developed the 113MW Boco Rock Wind Farm, also in NSW, and manages more than 220MW of wind power assets across two wind farms in Australia.
“Since founding Continental Wind Partners in 2007, we have successfully developed and operated a number of wind farms across Eastern Europe and Australia,” said CWP chair Mark Crandall in a statement.
“Given WEH’s strong track record and capabilities, it is an ideal partner to develop what is an exceptionally attractive and exciting Australian pipeline.”
Emma Collins, CEO of Wind Energy Holding said the Australian market offered “tremendous potential” over the long-term, thanks to increasing government support and positive moves around certificate pricing promoting.