More than A$2 billion in renewable energy investment over past three months
13 Jun 2017
More than A$2 billion has been invested in renewable energy projects in Australia within the past three months, totalling an unprecedented A$7.4 billion financial commitment, the Australian Clean Energy Council has announced.
In a record breaking year for the sector, over 3300 MW of new renewable energy capacity will be under construction or completed in Australia by the end of 2017.
‘Bringing on new forms of energy generation is necessary to ensure continued energy security as ageing coal-fired power continues to close,’ said the Clean Energy Council’s CEO, Kane Thornton.
He added that 35 large-scale renewable energy projects are now under construction around the country. ‘Large-scale renewable energy, combined with the continued strong uptake of rooftop solar and emergence of energy storage, provides a clear pathway for Australia’s future energy needs.’
Mr Thornton said that large-scale solar technology has approximately halved in price over the past few years, making it competitive, not only with wind power but with fossil fuels such as gas.
‘Renewable energy is now the cheapest kind of power generation it is possible to build today, and solar power plants have a relatively short project lead time compared to other technologies.’
Among the large-scale renewable energy projects currently under construction in Australia are:
- The Partners Group and CWP Renewables Sapphire wind project, New South Wales (investment A$588 million); the Acciona Mt Gellibrand wind project (Stage 1) Victoria (investment A$270 million); and the Pacific Hydro Yaloak South wind project, Victoria (investment A$130 million).
- The Neoen and Megawatt Capital Hornsdale (Stage 2) wind project, South Australia (investment A$800 million); the Goldwind White Rock (Stage 1) wind project, New South Wales (investment A$400 million); and the RATCH Mt Emerald wind project, Queensland (investment A$380 million).
- The FRV Clare Solar Farm project, Queensland (investment A$190 million); the Genex Kidston Solar project, Queensland (investment A$126 million); and the MSF Tableland Sugar Mill bagasse project, Queensland (A$75 million).