Australia's CBD Eenergy Ltd announced Tuesday it will set up a joint venture with two Chinese renewable energy companies, eyeing to tap the southern country's wind power market, the 21st Business Herald reported Wednesday.

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CBD Energy will partner with China Datang Corp Renewable Power Co Ltd and solar equipment maker Baoding Tianwei Baobian Electric Co Ltd in establishing the AusChina Energy Group.

Datang Renewable Power will hold 63.75 percent of the newly-established company; CBD Energy will own 23.75 percent; Baoding Tianwei Baobian will have the remaining 12.5 percent.

The AusChina Energy group will aim to develop $3 billion worth of wind and solar power plants in Australia within three years and $6 billion of renewable energy projects over eight years.

It also vows to grasp 33 percent of Australia's renewable energy market, the paper said.