Australia-based CBD Energy Ltd. (CBDE) entered into an agreement with Environmental Engineering Group Thailand (EEG) to acquire 30% of the company.
CBDE says the transaction will enable it to participate in EEG's project pipeline of over 100 MW. EEG has a partnering agreement with the government-owned Provincial Electricity Authority's renewable energy subsidiary PEA ENCOM. This pipeline is in addition to a previously announced agreement between CBDE and EEG to jointly develop 64 MW of solar projects in Thailand.
As part of the transaction CBDE intends to grant EEG a sub-license to use the Westinghouse Solar brand in Thailand.
‘We feel Thailand represents an incredible opportunity to capitalize on a rapidly developing market with growing power needs and blends well with projects we have under development in North America, Europe, the U.K. and Australia,’ says Gerry McGowan, executive chairman of CBDE.