Tuesday 27/3/2007 Page: 33
LEADING Tasmanian based renewable energy company Roaring 40s has signed a further joint venture agreement with one of China's leading renewable energy companies, the Guohua Energy Investment Company Ltd. The agreement builds on the existing relationship with Guohua which has seen the successful start of the 50mW Rongcheng Wind Farm and will see the construction of an additional three wind farms in China, valued at $240 million.The three new wind farms - at Lijin, Zhanhua and Hekou - are situated in the Shandong Province, and will each have a 50mW capacity. Construction of the wind farms is expected to start in the second half of this year, with full commissioning by June 2008.
Guohua is a subsidiary company of the Stateowned Shenhua group, China's largest coal producer. Guohua has recently identified renewable energy development as its core business for the future and has secured a total of 16,000mW wind sites in China to date. The company has set a development target of 1000mW by 2010 and 4000mW by 3030.
Roaring 40s chairman Richard McIndoe said the agreement was a significant achievement for Roaring 40s and firmly established it as the leading foreign-owned renewable energy investor in China. "These three additional projects build on Roaring 40s and Guohua's existing portfolio of wind energy developments, and reinforces the relationship of strength and trust that the two companies have established," Mr McIndoe said.
Roaring 40s is a joint venture between Hydro Tasmania and CLP Group.
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