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China's Largest Gloabal Wind Energy Operator Builds NSW Wind Farm

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China's Largest Gloabal Wind Energy Operator Builds NSW Wind Farm CHINA STUDIES CENTRE CASE: GOLDWIND AUSTRALIA PTY LTD China’s largest global wind energy operator builds NSW wind farm Summary of interview with John Titchen, Managing Director and Ning Chen, Vice President of Goldwind Australia Pty Ltd. Goldwind’s first wind farm in Australia Introduction Goldwind Australia Pty Ltd (Goldwind) set up their Goldwind Australia is a subsidiary of Goldwind International Holdings (HK) office in Sydney in 2009 and entered the Australian Ltd and ultimately owned by Xinjiang renewable energy market with the initial Mortons Lane Goldwind Science & Technology Co., Ltd., China’s largest wind turbine Wind Farm project in Victoria (VIC) and the much larger generator (WTG) manufacturer, with a Gullen Range project in New South Wales (NSW). From domestic market share of 20 percent. 2014, the Gullen Range Wind Farm near Goulburn, Listed as a public Chinese corporation on both the Shenzhen and the Hong Kong with its 73 state-of-the-art wind turbines, will supply Stock Exchange, Goldwind is the world’s electricity for 63,000 households and help achieve the second largest manufacturer of wind turbines with a global market share of NSW State Plan’s target that 20 percent of electricity nearly 10 percent1. Gullen Range Wind consumed in NSW will be from renewable sources Farm will host the first ‘next generation’ 2.5MW gearless Permanent Magnet by 2020. Government support for renewable energy Direct Drive (PMDD) wind turbines was key to Goldwind’s decision to enter the Australian in Australia. market as a long-term market participant. In addition to technical and market knowledge, Goldwind has been using its institutional expertise and working with local partners and governments to successfully obtain approvals and progress plans. 1 BTM Consulting 2012 report © 2012 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International Cooperative (“KPMG International”). Liability limited by a scheme approved under Professional Standards Legislation. Goldwind wind farm delivery to investors Goldwind operates across the whole For Gullen Range Wind Farm in NSW, Business value chain of wind energy solutions, Goldwind is proceeding with construction from installing wind turbines to selling which will require an investment of over and government and operating wind farms with business AUD 300 million. The project will be partners including local wind project financed with approximately 30 percent support in NSW developers, international buyers of equity funding and the remainder completed projects and Australian and through Australian and Chinese banks, Chinese banks to provide long-term with Chinese commercial and policy finance. In bringing technical expertise, banks signalling strong interest. capital and institutional experience to the Operation of a wind farm relies strongly Australian wind farm market Goldwind on local communities and suppliers and operates like many successful foreign creates local work for the community. investors from China, relying on global technology, local business partners and NSW State, local government and local government and community support. community support Global technology The highly regulated nature of the renewable energy industry requires close For continuous improvement of its coordination with local governments in technology, Goldwind relies on its Australia, as much as in China. Foreign integrated research and development Investment Review Board (FIRB) approval (R&D) centres in Beijing, Urumqi was achieved without problems with and at its German subsidiary, Vensys similar requirements to the approval AG, where the gearless PMDD wind process in China for outbound investment. Operating wind farms turbines were developed. also relies strongly on The NSW Department of Planning & Local business partners local communities and Infrastructure is an important stakeholder For wind farm development Goldwind during the assessment and approval suppliers and creates relies on collaboration with local wind process. The NSW state-owned local jobs. farm developers, such as Epuron, who TransGrid, the owner, operator and take projects through initial feasibility manager of the high-voltage electricity studies and assessment and approval transmission system in NSW is needed processes. Goldwind has then taken to approve connection to the grid. over projects to install wind turbine Local governments are closely involved generators with the option of operating in planning, construction and operating them or transferring them to specialised processes of the wind farms as operators, such as China Guangdong they provide the necessary physical Nuclear Power Group’s subsidiary, CGN infrastructure, grid connections and Wind Energy, which bought Goldwind’s cables, as well as integration in local Mortons Lane Wind Farm in Victoria. communities. © 2012 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International Cooperative (“KPMG International”). Liability limited by a scheme approved under Professional Standards Legislation. Getting equipment to the site Challenges Background Xinjiang Goldwind Science & Technology Once in operation, Gullen Range Wind The wind energy sector is highly Co. Ltd (Xinjiang Goldwind) is the ultimate Farm is expected to produce enough competitive. Goldwind’s competitors parent company of Goldwind Australia. energy to power 63,000 homes, are the large international players as Established in Urumqi City in 1998, which helps avoid the production of well as new entrants, including those Xinjiang Goldwind became a joint-stock approximately 445,000 tons of CO from China. 2 limited liability company in 2001, and is annually. Some key facts of Gullen Goldwind has technological currently listed on both the Shenzhen Range Wind Farm are: advantages and competitive Stock Exchange and Hong Kong Stock • Located approximately 20km manufacturing costs. Exchange. In less than 15 years, Xinjiang west of Goulburn, NSW. Goldwind has grown from a team of Regulatory changes such as around 40 staff to a holding company that • Planning approval granted by devolution of planning approvals can employs more than 4,000 people globally. NSW Government in August 2010. have a major impact on projects. Today, there are 14 manufacturing plants • In total 73 wind turbines will Goldwind is confident that it has the in operation around the world, including be installed. right mix of technical, commercial Germany, where Xinjiang Goldwind and institutional expertise to be a is a 70 percent shareholder in Vensys • The first stage of the wind farm will long-term successful player in the Energy – a key technology partner. The produce 165.5MW of renewable Australian wind energy market. company is now the biggest wind turbine power at full capacity. generator manufacturer in China and the • In one year of operating, the wind second largest in the world. It accounts farm will offset 445,000 tons of CO . for 10 percent of the global market and 2 20 percent of the Chinese market. Its • The project creates an anticipated main products include the 1.5MW and 150 construction jobs and 15 ongoing 2.5MW wind turbine generators (WTGs). jobs during the operational phase of Currently, Xinjiang Goldwind has over the project2. 6000 MW-level WTGs installed and operating under diverse environmental conditions in China and in other countries. In an ongoing effort to globalise the business, Xinjiang Goldwind expanded to Australia in 2009. Since then, Goldwind Australia, a subsidiary of Xinjiang Goldwind, has been involved in a number of projects to showcase its technology and capacity to comply with local market requirements. Gullen Range, for example, is Goldwind Australia’s second wind farm in Australia and the first to use Goldwind Managing Director, Mr John Titchen (L) 2.5 MW gearless PMDD wind turbines. 2 Goldwind and EPURON joint media release: and Mr Chen Ning, Vice President (R) Goldwind secures the opportunity to utilise its turbines at Gullen Range Wind Farm, 2011. © 2012 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International Cooperative (“KPMG International”). Liability limited by a scheme approved under Professional Standards Legislation. The development of Gullen Range Wind Farm 2002 Wind monitoring equipment installed on the site. 2007 Designed and developed by EPURON as a greenfield project, from site identification, securing land, developing the site layouts to carrying out detailed site assessments and applications for project approvals. 2010 NSW Government granted EPURON planning approval for 73 wind turbines and associated infrastructure at Gullen Range Wind Farm. 2011 Goldwind Australia and EPURON have entered into an agreement that will see Goldwind supply its state-of-art wind turbine generators for the Gullen Range Wind Farm. 2011 Goldwind Capital
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