CBD Energy to buy 30% stake in Thai solar firm EEG
Aug 14, 2014 - Australia-based renewable energy firm CBD Energy Ltd (NASDAQ:CBDE) said yesterday it will buy a 30% interest in solar project developer Environmental Engineering Group Thailand (EEG).
CBD did not disclose the financial terms of the deal, but noted it plans to grant EEG a sub-license to trade under the Westinghouse Solar brand for which the Sydney-based company itself has an exclusive long-term worldwide license.
The acquisition of a minority stake in EEG will give CBD the chance to take part in the Thai firm’s solar project pipeline of over 100 MW, it noted. About two weeks ago, CBD said it had been hired by EEG to build a 64-MW solar plant in Thailand, valued at USD 112 million (EUR 83.4m).
CBD’s executive chairman Gerry McGowan commented in a statement that geographic diversification is part of the company’s core strategies through which it seeks to achieve growth and predictable cash flows.