Renewable energy specialist Juwi said the acquisition of the stake would result in an improved ability to provide engineering, procurement and construction (EPC) services for solar PV and wind projects to a range of markets, including Papua New Guinea.
Qi Power managing director Andrew Drager told PNG Resources the company planned to increase its workload in PNG in the medium-term with visits to mine sites in the pipeline.
The company is also in preliminary talks with an operational mine regarding future business opportunities.
“We plan to offer low cost renewable energy to the PNG region over the coming 12 months for both solar PV and wind power,” Mr Drager said.
The company, which has only been operational for about 18 months, has been working on developing solar energy for remote power supply.
This provides lower cost renewable energy to regions with some of the world’s highest power costs, and the best resources of renewables, the company said.
While the exact value of the stake and how large of a stake Juwi had purchased was not disclosed due to confidentiality reasons, Mr Drager confirmed to PNG Resources that the interest was sizeable which would help Qi Power drive its strategy of growing its global presence
“We have been working closely with Juwi over the last nine months and have been constantly impressed by their quality of service and expertise, developed over decades,” he said.
“Being united with Juwi also allows us to offer utility scale EPC services for both off-grid and grid connected projects,” he said.
The transaction will see Qi Power become the subsidiary for Juwi in Australia and the South Pacific, with a name change to follow in coming months.
Juwi, founded in 1996, is the world’s second largest EPC contractor and developer of solar PV projects, wind and bio energy. The company has a presence in six continents and employs more than 1,700 people.
Juwi Asia Pacific regional director Amiram Roth-Deblon said the Qi Power team offered unique solutions and a seamless integration into the power systems and processes of remote industries.
“We are very enthusiastic about Andrew and Bertus becoming part of the juwi – Qi Power team and becoming the driving force of our business in Australia-Pacific,” Mr Roth-Deblon said.
Mr Drager and Qi Power chairman Bertus de Graaf will remain directors of the company, Qi Power said.