SYDNEY, 18 February 2020 - Following an initial partnership announcement, Maoneng, the Australian renewable energy developer, and CHINT New Energy, the solar panel manufacturer and EPC contractor, have finalised the terms of a joint venture. In their efforts to accelerate Australia’s transition to renewable energy, $200m has been mandated for an initial project which aims to bring more solar farms online in Australia.
Maoneng and CHINT joint venture
Maoneng and CHINT New Energy aim to develop a project pipeline with a combined capacity of at least 2GW by 2025. Projects will be connected to the National Electricity Market (NEM), which supplies 200 terawatt hours of electricity to around 9 million customers.
The joint venture between Maoneng and CHINT New Energy will benefit from the former’s local expertise in developing and operating large-scale solar farms and the latter’s track record of developing solar projects across the globe. Maoneng will take a 40% equity stake in the joint venture and CHINT New Energy will take a 60% stake
“By taking on fledgling large-scale solar projects and getting them across the line, we will be increasing our drive to make Australia 100% renewable. Working with CHINT New Energy, we will achieve this by either bringing these projects to financial close, completing construction, operating them — or all three. Areas in which this joint venture has extensive experience.” Morris Zhou, CEO and Chairman of Maoneng.
“Australia has the opportunity to be a solar energy giant and we’re proud to be working with Maoneng to help achieve this. We see a great investment opportunity here and look forward to putting our clean energy experience to good use.” added Dr. Lu, Chuan, CEO of CHINT New Energy.
Founded in 1984, CHINT is a publicly listed tier-1 solar panel manufacturer and EPC Contractor, and has developed a business network in over 140 countries and regions with more than 30,000 employees.
CHINT New Energy has a track record of developing projects in Australia, having developed 68MW of solar farms in South Australia and worked on project pipeline at 400MW in total.
Focusing on energy system of supply, storage, transmission, allotment and consumption, CHINT’s core businesses are clean energy, energy allotment, big data and energy value-added services. CHINT is ranked top 50 Asian Listed Companies and top 100 China Private Enterprises.
Maoneng is an Australian founded and operated company pioneering Australia’s transition to 100% renewable energy through cutting-edge solar, battery and other utility-scale energy projects across the country. Australian-founded and operated in 2010, Maoneng partners with Australia’s largest utilities and organisations to build and operate these projects.
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