Thailand’s renewable energy firm Wind Energy Holding (WEH) has agreed to acquire 50 per cent of CWP Renewables Pty Ltd's Australian business.
The financial terms of the deal remain undisclosed. This acquisition marks WEH’s first international investment. As part of the deal, WEH will purchase its 800-MW development pipeline, on which construction will start this year.
Nop Narongdej, Chairman of the Board of WEH, said:
“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 the attractive renewable 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."
KPN Group bought the entire stake in Renewable Energy Corp, which holds 59.5 per cent of WEH, in September last year from former major shareholder Nopporn Suppipat.
CWP Renewables is a joint venture between two leading renewable energy developers, Continental Wind Partners and Wind Prospect Group. It has more than two decades of experience in developing and managing 4,200 MW of installed capacity across 20 countries globally.