February 18 (Renewables Now) - Australia-based Maoneng Group and China’s Chint New Energy today unveiled plans to jointly develop an Aussie solar project pipeline of at least 2 GW by 2025.
The plan will be implemented through a joint venture (JV) agreement between the two companies, the terms of which have already been finalised. It comes on the heels of an initial partnership deal from June 2019 when the parties agreed to acquire and co-develop projects with an enterprise value between AUD 60 million (USD 40.1m/EUR 37m) and AUD 200 million and have at least 500 MW by 2021.
Maoneng, the owner of one of Australia's largest photovoltaic (PV) parks -- the 250-MW Sunraysia complex -- will hold a 40% stake in the JV, while solar panel maker and engineering, procurement and construction (EPC) contractor Chint New Energy will take 60%. As part of their joint bid that aims to support Australia’s transition to renewable energy, the duo has set aside AUD 200 million for an initial project, specific details about which were not available.
According to Maoneng’s statement, all projects in the 2-GW pipeline will be connected to the National Electricity Market (NEM). The Aussie firm said that the collaboration with the Chinese group will help it fund, build and operate the capacity.
(AUD 1.0 = USD 0.669/EUR 0.617)