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China moves in to take over Australian solar power projects in $813m deal

Electricity supplies and prices in Australia could soon be partly-controlled by the Chinese Communist Party’s Beijing Energy International. How does the Labor Liberal duopoly allow this monopoly in the making? China will have access to the on/off switch for 2GW of power. Where is the toothless tiger Foreign Investment Review Board?

From pv Magazine

Lightsource bp has announced the sale of five large-scale solar projects with a combined generation capacity of 1,037 MW (dc) to China-headquartered Beijing Energy International Australia (BJEI Australia) for an equity value of $813 million (USD 545 million).

The portfolio includes the 200 MW (dc) Wellington Solar Farm and the 107 MW (dc) West Wyalong Solar Farm, both in New South Wales (NSW), as well as the 210 MW (dc) Woolooga solar farm in Queensland. These plants are already in operation. Also included in the sale are the 400 MW (dc) Wellington North and 90 MW (dc) Wunghnu solar projects that are due to commence commercial operations in the second half of 2024.

Not that we wanted this daytime

power source, but it is now owned by China

BJEI Australia Chairman Warwick Smith said the acquisition of the solar projects took the company’s Australian portfolio to more than 2 GW in planned, under construction and operational projects. Among its projects is the 290 MW Wollar Solar Farm which is being built near Mudgee in central west New South Wales

“The acquisition further underpins BJEI Australia’s commitment to the Australian renewable energy market,” he said. “Purchasing these five assets is an exciting next step in the Beijing Energy group’s growth in Australia and complements its current portfolio of solar and wind projects.”

Smith said the acquisition is part of the company’s long-term strategy to float the company on the Australian Securities Exchange in 2024 so it can be majority owned by the Australian public.

“Delivering a renewable energy company of this size and scale to the Australian market will allow for the continued growth of the business and for the Australian public to share in the long-term success of the company moving forward,” he said.

BJEI Australia

*BJEI Australia (Beijing Energy International (Australia) Holding Pty Ltd) is a subsidiary of Beijing Energy International Holdings Co. Ltd, listed on the Hong Kong stock exchange and 32% owned by Beijing Energy Holding Co. Ltd. Beijing Energy International Holdings Co. Ltd owns more than 104 clean energy power stations across China with an installed capacity exceeding 4.5GW.

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