In april 2011, a small Australian power firm, CBD Energy, announced a $6 billion partnership with two large Chinese electricity firms, China Datang Renewable Power Co and Tianwei Baobian Electric Co.

The joint venture plans to build a string of new wind and solar power plants across Australia. The joint venture went ahead without any signed power purchase agreements with energy retailers and despite regulatory uncertainty surrounding carbon pricing and renewable energy targets.

The low cost of finance and technology from the Chinese side of the deal made the deal possible. Both China Datang and Tianwei Baobian are government-owned enterprises with ambitious goals for expansion into global renewable energy markets.

Australia's dedicated climate news service, Climate Spectator, described the deal as a game changer for Australian renewable power:

The deal captured the essence of shifting global leadership in climate change mitigation. While Australia has spent the last four years bickering, China has pledged large carbon intensity reduction targets, implemented reforms that deliver on its commitments, and set sail on a global mission to dominate new opportunities.

If we're to understand who precisely is doing what, let's begin with a look at their pledges.