DOHA: Nebras Power Investment Management B.V. (NPIM), a wholly owned affiliate of Nebras Power (Nebras) has successfully completed a transaction with Goldwind Stockyard Hill Wind Farm Limited, a wholly owned Hong Kong affiliate of Xinjiang Goldwind Science & Technology Co., Ltd (Goldwind), by acquiring a 49 percent equity stake in Stockyard Hill Wind Farm in Australia.
Located 35 km west of Ballarat in Victoria, Stockyard Hill Wind Farm will have 149 wind turbines with a combined capacity of 527 MW. The wind farm will be the biggest in the southern hemisphere, upon completion in early Q4, 2020.
This first transaction is consistent with Nebras’s strategy to enhance its asset base through fully contracted projects and further marks the company’s inaugural entry into the Australian power sector. Under this agreement, Nebras has secured a 49 percent stake; while Goldwind, through its Hong Kong affiliates, will retain a 51 percent equity stake in Stockyard Hill Wind Farm.
The transaction has been fully backed by Goldwind’s as well as Nebras’s senior management and Board of Directors and is deemed to be in the best interest of both companies and their respective shareholders.
Commenting on the agreement, Fahad Hamad Al Mohannadi, Chairman of the Board of Nebras said: “The acquisition of a large equity stake in Stockyard Hill Wind Farm solidifies Nebras’s foray into the Australian market, which we are pursuing as a major new growth market. In this respect, we are confident that this will be the first of several lucrative investments in Australia’s power industry by Nebras.”
Khalid Mohammed Jolo, Chief Executive Officer of Nebras stated: “The acquisition of Stockyard Hill Wind Farm serves as a landmark deal for Nebras to establish and further expand our presence in Australia and the Asia-Pacific marketplace. Additionally, this deal aligns and bolsters Nebras’s strategic growth objective of becoming a leading international power company.”
Commenting on the transaction, Faisal Al Siddiqi, Chief Business Development Officer of Nebras said: “With the Stockyard Hill Wind Farm, we are entering our next chapter. For this reason, we will aim to develop and diversify the Australian asset portfolio with other renewable energy technologies and gas-to-power projects. In the years ahead, we look forward to jointly positioning this wind farm as a flagship project in Nebras’s global energy portfolio.”
Source from: The Peninsula