Neoen, a French renewable energy company, has begun preliminary work on South Australia’s 412 MW Goyder South Stage I wind farm. The Goyder Renewables Zone’s first stage is Goyder South Stage I. The Goyder Renewables Zone will be located near Burra in South Australia’s Mid North region, which will include a total of 1,200 MW of wind generation, 600 MW of solar generation and 900 MW of battery storage capacity.
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The Australian Renewable Energy Agency (ARENA) recently announced up to $40 million in financing for research and development (R&D) to help the government meet its ultra-low-cost solar goal. The R&D funding round will build on ARENA’s prior R&D investment in solar PV, with a focus on projects that fit with the Solar 30 30 30 target of 30 per cent module efficiency and 30 cents per installed watt at utility scale by 2030.
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Hydrostor, a long-duration energy storage system provider based in Canada, has received $250 million in capital from the Private Equity and Sustainable Investing Businesses within Goldman Sachs Asset Management. The company is expected to utilize proceeds to develop and construct its 1.1 GW/8.7 GWh of advanced compressed air energy storage projects in Australia and California.
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The Australian Renewable Energy Agency (ARENA) has announced a $100 million financing round for grid-scale batteries with sophisticated inverters. Expressions of interest (EoI) will be accepted starting in February 2022 and will close on March 31, 2022. Later in 2022, selected bidders will be invited to submit a comprehensive application.
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Alinta Energy, an Australian green energy company, has announced its plans to build a 1,000 MW wind farm 10 kilometres off the coast of Portland, in southwestern Victoria, to serve the Portland Aluminium Smelter and the east coast electricity system. As per the company’s statement, Portland Bay has an excellent wind resource that would be suitable to power offshore wind turbines.
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As a relatively high-emission economy in a decarbonising world, Australia has a lot at stake. Decisions beyond Australia’s control will determine the fate of 95 percent of the 30,000 direct jobs that may be at risk in its key export industries. The articles talks about the impact of going “carbon light” in industries.
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Australia’s Prime Minister, Scott Morrison, announced that a $740 million fund will be established to invest in companies developing low-emissions technologies as part of the country’s goal of achieving net-zero carbon emissions by 2050.
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Finance is playing a significant role in encouraging Australia’s push towards net zero, with companies that commit to climate targets finding it easier to attract investment and raise capital, according to Jo Spillane, Global Head of Private Capital Markets at Macquarie Capital. Spillane says that one of the main vehicles through which this is happening is Australia’s pension funds, or superannuation (super) funds as they are known locally.
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The Queensland government has announced that green hydrogen will be produced on the Darling Downs in less than two years. This will be made possible through a unique demonstration facility capable of producing an estimated 50,000 kilogrammes of solar-powered renewable hydrogen per year, which is expected to be operational by the end of 2023.
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New Horizons Ahead (NHOA), previously known as Engie EPS, has been awarded a 200 MWh battery energy storage system (BESS) project in Australia. According to a company statement, the project’s building phase will begin immediately at an as-yet-undisclosed location for an unnamed customer, with completion expected by the end of 2022.
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Iberdrola, a Spanish electric utility, has purchased the under development Avonlie solar project owned by the UK-based RES. The project is located in New South Wales, Australia. It has a generating capacity of 245 MW dc/190 MW ac. When fully operational, the project will have 450,000 solar panels installed on a single axis tracking system.
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Australia has committed to providing $180 million in grants to support the development of carbon capture, use and storage (CCUS) projects, part of a broader technology push to help cut carbon emissions, while still allowing for the use of gas and coal. The funds will be used to support the design and construction of carbon capture hubs and shared infrastructure, as well as carbon capture technology research and commercialization, and the identification of viable carbon storage sites.
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Edify Energy has obtained a development approval to build and operate a green hydrogen production plant with a capacity up to 1 GW in Queensland, Australia. The company will also build a behind-the-meter solar photovoltaic and battery storage facility at the Lansdown Eco-Industrial Precinct in Townsville, Queensland. The green hydrogen facility will be developed from a pilot scale of 10 MW and expanded further in the future as per market demand.
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Australia’s largest corporations are making ambitious commitments to decarbonise, with many announcing plans to become carbon neutral by 2050. The pathways to achieving these goals are likely to be varied and multi-faceted. In the short term, companies can consider procuring renewable sourced energy or purchasing offsets and increasing energy efficiencies, but there are some hard-to-abate areas that will require longer-term solutions.
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ACE Power, financed by the German investment holding Pelion Green Future, has recently entered the Australian renewable energy market, with a pipeline of approximately 1.3 GW of solar, wind and battery storage projects. The company’s operations will span across the development, construction, ownership and operation of renewable energy assets.
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In 2020 the Australian Government’s Low Emissions Technology Statement identified carbon capture and storage (CCS) as one of several priority low emissions technologies. At the request of the government and against the backdrop of emerging projects, the Clean Energy Regulatory began developing a CCS method (or methodology) under the Emissions Reduction Fund. Inclusion under the ERF would allow CCS projects to generate Australian Carbon Credit Units (ACCUs) and thereby generate income.
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Sweetman Renewables Limited and Singapore’s CAC-H2 Private Limited have entered into a joint venture to establish a hydrogen production center of excellence. The center will be located in Hunter Valley, New South Wales, Australia. The deal amounts to an investment of AUS $15 million from CAC-H2, in return for 80 per cent ownership in Sweetman Renewables.
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Australia CO2-free Hydrogen Supply Chain in Queensland. A memorandum of understanding has been signed to conduct a study on a potential business collaboration for the development of a CO2-free hydrogen supply chain between Japan and Australia.
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The government of the Australian state Victoria has issued a request of proposal (RfP) inviting bidders to develop at least 600 MW of renewable energy projects under the Second Victorian Renewable Energy Target Auction (VRET2). The estimated investment for the projects is $1 billion.
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The Energy Security Board (ESB) in Australia released its recommendations for the redesign of the national electricity market on August 26, 2021. These were submitted to energy ministers on the Energy National Cabinet Reform Committee (ENCRC) at the end of July 2021. The ESB is recommending four key pathways for reform to manage both the orderly exit of old technologies (especially ageing coal fuelled generation) and pave the way for new technologies.
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