Finance

There’s no shortage of action in the New South Wales renewable-energy scene, with some 19.4 GW of large-scale renewable energy projects approved or progressing through the planning system, and around 2.5 GW of grid-scale solar under construction. Plus there’s 2 GW of generation and 175 hours of storage planned for the pumped-hydro project known as Snowy 2.0 – and that’s just what’s happening at the big end of town.

New analysis from recruitment firm Robert Walters shows continued growth in the renewables sector is bringing continued growth in wages along with it.

Two of Australia’s richest people, Mike Cannon-Brookes and Andrew “Twiggy” Forrest, have jointly invested “tens of millions of dollars” in the ambitious Sun Cable projects, which would export solar energy from the Outback to power Singapore. The capital raising will enable developers Sun Cable to pay for development work for the undersea power link.

In late 2016, Queensland’s Labor Government revealed a plan for 50% of the State’s electricity to be renewably sourced by 2030, and the state has made significant steps toward that goal.

Over the last two years, corporate renewable power purchase agreements have become a major force in Australia’s large-scale renewable energy market. In hard figures, 70 leading Australian organizations have made the switch to renewable energy and procured nearly 2.3 GW of mostly solar and wind electricity and supported 5.2 GW of projects, finds the Business Renewables Centre of Australia.

Swiss investment firm SUSI Partners is investing up to $50 million in a residential solar-plus-battery project enabling participants from communities across Western Australia to generate and consume their own clean power for up to 90% of their needs. The project, which began a year ago, and involves residents leasing solar PV and battery systems from a not-for-profit organisation.

Recent Wood Mackenzie analysis suggests Asia Pacific’s decarbonisation bill could hit US3.5 trillion by 2040. US$3.5 trillion is enough to buy everyone in Sydney a house at Sydney’s inflated housing prices, or alternatively, it’s enough to buy everyone a single avocado toast at a trendy cafe.

French renewables developer and big Australian energy player Neoen has reported strong revenue growth over the first nine months of 2019, driven in no small part by Australian successes.

After Genex Power’s offtake agreement with EnergyAustralia fell through earlier this month its concessional federal funding lapsed. However, the Project has secured an extension into 2020, hopefully allowing it enough time to restructure and reach financial close.

Fossil fuel giant Shell is set to make its foray into Australia’s electricity market after shareholders in electricity retailer ERM Power voted in favour of a $617 million takeover bid.