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Australia’s solar industry takes off as 12 new plants secure finance – 17th May

Solar Farm

Australia’s large-scale solar industry now appears to be on solid ground, with 12 plants recently awarded grant funding by the Australian Renewable Energy Agency meaning they are fully financed and have secured engineering, construction and grid connection agreements.

Once completed, the 12 power plants will provide electricity for up to 150,000 homes, and account for 10% of the of the new capacity needed to meet Australia’s 2020 renewable energy target.

Arena’s chief executive, Ivor Frischknecht said that there were a further six projects being developed without grant funding, suggesting the grant program had succeeded in establishing a self-sustaining renewable industry. By expanding the industry, the amount of grant funding needed to get large-scale projects started reduced from $1.60 per watt three years ago to just 28c per watt.

The minister for the environment and energy, Josh Frydenberg, said “the projects will provide benefit for local communities by providing opportunities for direct employment during the construction phase, and indirectly through local service providers”.

Read more here.

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