Inter Far East Energy Plc says China's Goldwind International Holding will buy a 10% stake in its wind-power unit as part of a partnership to expand the business.
Goldwind International is part of Xinjiang Goldwind Science & Technology Co Ltd, the world's biggest wind turbine maker.
The Thai wind power unit, Inter Far East Wind International Ltd, also signed a contract to buy wind turbines for 8.965 megawatts from Goldwind to supply its 10MW wind power plant at Pak Panang, Nakhon Si Thammarat. The plant is expected to start operation in the third quarter, the company said in a statement.
Goldwind will supply wind turbines for power generation and work with Inter Far East Wind to expand its renewables business in Asia, the Thai firm said, without giving details of the value of the stake or the contract.
Inter Far East group runs renewable energy, waste-management and hotel businesses. It aims to achieve its target to have 1,000MW of wind power capacity by 2019 through acquisitions and development of its own projects, it said.
The wind unit also said it expected to sign a deal in May to acquire Vietnamese company HBRE to operate wind power projects.
Last year, Inter Far East Wind acquired a 30% stake in a 33MW Jeju wind turbine in South Korea, giving it 10MW wind-power capacity.