Chinese wind energy company Guohua Energy Investment Corporation will pay $88.6 million to buy a major shareholding in Hydro Tasmania’s North-West wind farms, which will continue to be managed and operated by Hydro Tasmania.


Deputy Premier Bryan Green said the sale is “an outstanding result for the State and crowns a profitable chapter in Hydro Tasmania’s renewable energy history”.


Mr Green said Guohua had been selected as the preferred partner in the ownership and operation of the wind farms because of its expertise and strong interest in working with Hydro Tasmania on other renewable energy projects


“This agreement will facilitate Tasmania’s biggest wind farm at Musselroe with construction now underway on the $400 million project.


Mr Green said there will be a six-month exclusivity period for Hydro Tasmania to negotiate Guohua’s involvement in the Musselroe project.


“The Musselroe wind farm will have greater capacity than the combined generation of the Buff Point and Studland Bay wind farms at Woolnorth.


“This is a very significant development that will deliver jobs for Tasmanians, opportunities for many businesses and further boost to the State’s economy.


Mr Green said Guohua was selected after an extensive competitive bidding process following the disaggregation of the Roaring 40s' joint venture in June 2011.


Guohua has over $3 billion of wind assets under management with a portfolio of more than 30 wind farms across China totalling more than 3000MW with a further 1500MW currently under construction.