Finance

New Zealand’s government this week unveiled its plan to cut emissions and fund the clean energy transition, featuring policies like a ‘scrap and replace’ scheme to incentivise electric vehicles and funding for electrifying industry. The NZ$2.9 billion (AU$2.6 billion) plan has received mixed reviews, with Greenpeace saying it has overlooked the country’s most glaring problem.

Tata Power Solar has secured an engineering, procurement and construction contract for a 300 MW solar project under India’s Central Public Sector Undertaking scheme. The project, awarded by state-owned hydropower producer NHPC, will be located in the Indian state of Rajasthan.

Australian renewable energy developer MPower has boosted its solar PV and energy storage portfolio, announcing it has finalised an $8 million transaction which will see it purchase the Lakeland Solar & Energy Storage Project in far north Queensland.

Oil and gas giant BP is reportedly set to take a 30% stake in the 26 GW Asian Renewable Energy Hub project proposed for Western Australia’s north coast.

The best performing large-scale PV asset in Australia this month was Genex Power’s Kidston solar farm in Queensland, according to Rystad analyst Dave Dixon, who noted total generation from solar and wind assets in Australia grew 23% compared to April 2021.

US$3.1 billion (AU$4.4 billion) is available to increase production of American-made batteries, with a separate US$60 million (AU$85 million) to support second-life applications for used EV batteries, along with development of processes for recycling materials back into the battery supply chain.

Fortescue Future Industries continues to advance its green energy ambitions, announcing it will provide new funding for Dutch solar PV module maker HyET Solar in a move designed to accelerate a planned expansion of the company’s manufacturing plant in The Netherlands.

Enphase expects the volume of business generated to rise again for the April-June period, accompanied by another bump in battery shipments.

Australian technology billionaire Mike Cannon-Brookes has become the single largest shareholder in AGL after Grok Ventures, the private investment company he owns with wife Annie, bought an 11.28% stake in the public company last night. The move appears to progress the billionaire’s plan to use the free market to force the decarbonisation of Australia’s biggest emitter from the inside out. In other words, the world’s largest single decarbonisation project is back on.

Shell has signed an agreement to acquire Solenergi Power, an Actis company that owns 100% of Indian developer Sprng Energy. The transaction, valued at US$1.55 billion (AU$2.2 billion), is expected to close later this year.