Xinjiang Goldwind Science & Technology Co Ltd said on Monday it will buy a wind farm project in Australia for A$110 million ($81.5 million) in cash, as the Chinese wind turbine generator maker aims to boost its presence in international markets.
Xinjiang Goldwind said it would buy Stockyard Hill Wind Farm Pty Ltd from a unit of Origin Energy Ltd, and would inject up to A$335 million for further development to strengthen its competitive advantage in Australia.
The Chinese company said it had obtained investment approval from Australia's Foreign Investment Review Board.
The deal does not require approval or filing by the Development and Reform Commission, Ministry of Commerce, Administration of Foreign Exchange and other relevant administrative supervisory institutions in China, it added.
The Stockyard Hill wind farm project in Ballarat in Victoria state is in the final stages of development and will begin operations by the end of 2019.
Reuters | http://www.af.reuters.com