China's Longyuan Power Group Withdraws from Wind Power Project Down Under

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China Longyuan Power Group has withdrawn from the running for the auction for a stake in the Australian Boco Rock wind farm. This was confirmed by an anonymous source familiar with the transaction.

The Chinese firm has been shortlisted with Thailand's Electricity Generating PCL as possible buyers of a stake in the wind farm located in New South Wales.

The Thai power firm would submit a final bid by the April 24 deadline. The Chinese firm, the largest wind power producer in the world, is expected not to submit one anymore. WIth the bid, the winning firm can acquire between 50% and 100% of the project, depending on the option exercised by GE Financial Services over the project.

According to Egco President Sahust Pratuknukul, the Bankok based company is planning to make investments in the ballpark of 15 billion Thai baht or US$518 million for 2013. It is targetting 'joint ventures in renewable energy projectsm, such as wind and solar power plant projects.'

Tags
Bid, Wind farm, Australia

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