Foreign companies dominate ownership of many Australian wind farm developments, taking an estimated $1.7 billion a year in renewable energy subsidies offshore. 60% of the existing wind farms are owned by foreign companies. This will increase to 69% when 4 projects currently in development are complete.
The percentage will go up further when the nation’s biggest wind farm development Stockyard Hill in Victoria is constructed.
The sale by Origin Energy of the Stockyard Hill wind farm project to Chinese company Goldwind Energy this week has made the spotlight on the shift to foreign ownership in Australia’s biggest renewable energy industry.