It's WEH's first international investment.
Wind Energy Holding Co., Ltd. (WEH), majority owned by the KPN Group and one of Thailand’s and Southeast Asia’s leading renewable energy companies, has announced that it has agreed to invest into CWP Renewables Pty., Ltd. (CWP), a leading renewable energy developer and asset manager in Australia, from Continental Wind Partners and the Wind Prospect Group.
According to a release from PR company Finsbury, WEH will also purchase 50% 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.
The acquisition marks WEH’s first international investment as it strives to become one of the world’s leading renewable energy companies over the next decade. Combining WEH’s existing capabilities with CWP’s expertise and talent will further strengthen the Company, enabling it to accelerate its global growth, as well as the development of its pipeline in Thailand and Australia.
Here's more from Finsbury:
CWP has an outstanding global track record of renewable energy development, with more than two decades of experience in developing and managing 4,200 MW of installed capacity across 20 countries. Since entering the Australian market in 2007, it has successfully developed the 113 MW Boco Rock Wind Farm in 2014 and has established a highly attractive development pipeline of more than 800 MW. Amongst its development pipeline is the 260 MW Sapphire Wind Farm which achieved State planning approval in 2013, Commonwealth planning approval in 2014, and was recently announced as the fifth and final winner of the ACT government’s large-scale wind reverse auction. In addition to its development activities, CWP is also a leading asset manager, currently managing over 220 MW of wind power assets across two windfarms in Australia.
Mark Crandall, Chairman of the Executive Board at Continental Wind Partners LLC said: “Since founding Continental Wind Partners in 2007, we have successfully developed and operated a number of wind farms across Eastern Europe and Australia. 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, Chief Executive Officer of Wind Energy Holding Co., Ltd. stated: “We are very excited with the investment in CWP – it is extremely complementary to our business and will significantly strengthen our development and asset management capabilities. The Australian market offers tremendous potential over the long-term and this is the opportune time to invest in the country, with increasing government support and positive moves around certificate pricing promoting the growth of the renewable industry. I look forward to working closely with CWP’s management team as we seek to achieve our global aspirations.”
Nop Narongdej, Chairman of the Board of Wind Energy Holding Co., Ltd. commented: “Following KPN Group’s purchase of a majority shareholding in WEH, one of our core goals was to leverage and expand from our base in Thailand into attractive renewables markets, both in the region and globally. The investment into CWP and its development pipeline is the first of what we expect will be a number of global initiatives for the company, as we move into the next phase of our international growth plans.”
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