TribLIVE

| USWorld


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Chinese take stakes in wind farm projects in Australia

Daily Photo Galleries

By Bloomberg News
Saturday, Jan. 26, 2013, 9:28 p.m.
 

SYDNEY — The Roaring Forties gales off Tasmania, where Hollywood swashbuckler Errol Flynn was first smitten with sailing, are luring Chinese investors with a different passion — harnessing wind to generate electricity.

Shenhua Group Corp., China's biggest coal producer, has taken stakes in three wind power projects on the Australian island through state-owned renewable energy unit Guohua Energy Investment Co. It's also a potential investor in a proposed $2 billion Tasmanian wind farm, which would be the biggest in the southern hemisphere.

“Australia is becoming a preferred destination,” said Helen Zhi, a business development director at KPMG in Sydney who visited Chinese renewable energy companies in October. “Only one put America as the No. 1 prioritized market. All the others, particularly among wind players, put Australia as No. 1.”

Besides the wind, China is attracted by billions of dollars available from government funding.

Another plus is Australia's renewable energy target legislation, which shows a determination to change the country's carbon intensity and energy mix by 2020, said Roy Adair, chief executive officer of Hydro Tasmania, the state-owned energy company.

The site of the TasWind project is King Island in the Bass Strait between Tasmania and Melbourne in southeast Australia, where the westerly winds in the days of sail drove at least 60 ships onto rocks to claim 800 lives before the first lighthouse was built in 1883.

Flynn, a leading man in movies of the 1930s and '40s, was born in Tasmania and said in a memoir that he developed a lifelong love of the sea and sailing there.

 

 
 


Show commenting policy

Most-Read World

  1. Aid to Ukraine uncertain as its leader visits U.S.
  2. Al-Qaida’s South Asia wing claims 1st big strike
  3. With hours before secession vote, many in Scotland undecided
  4. 3 troops killed in Taliban strike in Afghanistan
  5. Convict’s wish for assisted suicide OK’d in Belgium
  6. Scientists snatch giant opportunity
  7. Putin eager to flash upgraded weaponry to counter U.S., NATO, he says
  8. Monsoon floods imperil hundreds of thousands in eastern Pakistan
  9. Study: Ocean algae can evolve fast to adjust to climate change
  10. Scotland urged to remain in United Kingdom
  11. Hurricane Odile batters Mexico’s Baja California coast
Subscribe today! Click here for our subscription offers.