January 14 (Renewables Now) - Qatar-based Nebras Power announced on Monday it has finalised the acquisition of a 49% stake in Goldwind Australia's 527-MW Stockyard Hill wind farm in Victoria, Australia.
The power development and investment company purchased the stake through its affiliate Nebras Power Investment Management BV in a transaction that marks the Doha-headquartered firm’s entry into the Aussie power market. Chinese wind turbine maker Xinjiang Goldwind Science & Tech Co Ltd (HKG:2208), through its affiliate Goldwind Stockyard Hill Wind Farm Ltd, will keep a 51% stake in the project. Financial details about the transaction were not available.
Being built near Ballarat, the 149-turbine wind farm is set to become the largest facility of its kind in the southern hemisphere once completed in the last quarter of 2020. The power plant’s first turbine was installed almost a year ago.
Nebras’ acquisition is in line with its strategy to expand its asset base, seeing Australia as a new major growth market, the company’s board chairman Fahad Hamad Al-Mohannadi said.