Reuters reported that China Datang Corp Renewable Power Co Ltd formed a joint venture with Australia power storage firm CBD Energy Ltd and another Chinese firm to develop wind and solar projects in Australia.

The company said in a statement that China second largest wind power producer took a 63.75% stake in the new company while CBD owned 23.75%. It said Baoding Tianwei Baobian Electric Co a Chinese maker of power transformers will own the remaining 12.5%.

Datang did not disclose financial details of the deal, but said that the new company was expected to develop renewable energy ventures including the establishment of solar thermal projects in Australia.

The new venture, AusChina Energy Group is being established at a time when Australia is pushing to develop its renewable energy market offering perks in the form of renewable energy certificates which investors could use to offset the cost of investment in clean energy projects.

(Sourced from Reuters)