Wind Energy Holding (WEH), majority owned by Thailand’s KPN Group, announced today the decision to invest in CWP Renewables (CWP), a leading renewable energy developer and asset manager in Australia.
WEH struck the deal to buy the stake in CWP from Continental Wind Partners and the Wind Prospect Group. WEH will also purchase 50 per cent of CWP’s Australian business, including its 800MW development pipeline, on which construction will start this year. The pipeline will continue to be developed by CWP Renewables which will be integrated with the WEH team to deliver and manage further projects across Asia.
Nop Narongdej, chairman of WEH, Ltd. commented: “Following KPN Group’s purchase of a majority shareholding in WEH, one of our core goals was to leverage and expand from our base in Thailand into attractive renewables markets, both in the region and globally. The investment into CWP and its development pipeline is the first of what we expect will be a number of global initiatives for the company, as we move into the next phase of our international growth plans.”
The acquisition marks WEH’s first international investment as it strives to become one of the world’s leading renewable energy companies over the next decade.
“The Australian market offers tremendous potential over the long-term and this is the opportune time to invest in the country, with increasing government support and positive moves around certificate pricing promoting the growth of the renewable industry. I look forward to working closely with CWP’s management team as we seek to achieve our global aspirations,” said Emma Collins, chief executive officer of WEH.