Finance

SunDrive Solar, a Sydney-based startup working to replace the silver in solar cells with copper, has been allocated $11 million (USD 7 million) by ARENA to expand its metallised cell production to a commercial scale of more than 100 MW per annum. Few details or timeframes for the scaling have been provided, however.

The Commonwealth government’s Australian Renewable Energy Agency (ARENA) approved record funds in FY22/23, allocating $544.1 million (USD 345 million) to 60 projects in the year.

The Queensland government has announced $1.3 billion (USD 820 million) package to fund the next stages of its major transmission CopperString 2032 project, targeting construction in mid-2024. The transmission line will connect the critical minerals-rich region of North Queensland to renewable energy projects to hopefully kickstart green processing and manufacturing.

Asset management company Sosteneo Infrastructure Partners has made its first foray into the Australian renewable energy market, purchasing the 185 MW/370 MWh Koorangie Energy Storage System in northern Victoria from Edify Energy.

As Australia’s big battery fleet continues to charge ahead, the battery revenue stack is evolving – and so are financing opportunities.

Applications are open for grants of up to $750,000 (USD 479,000) under a new Victorian government program that aims to support Victorian manufacturers to be part of the growing renewable energy supply chain and boost the production of renewable energy products and components.

The Australian government has doubled the amount of federal financing available for critical minerals projects to $4 billion (USD 2.56 billion) as it looks to shore up supply chains with the United States, deliver on emissions reduction targets, and build clean energy industries.

Solar glass manufacturer ClearVue Technologies is poised to accelerate its global expansion plans and further the commercialisation of its technology after locking in a $30 million (USD 19 million) funding facility with Australian fund manager Alpha Investment Partners.

Government agency Export Finance Australia will provide $220 million (USD 140 million) to help finance Liontown’s Kathleen Valley Lithium project after involvement from Australia’s richest person, mining magnate Gina Rinehart, caused its giant Albemarle deal to collapse.

Australia’s power market is experiencing the most pricing fluctuations of anywhere in the world, according to research from Rystad Energy. This volatility is a result of unplanned coal plant outages, natural disasters impacting transmission lines, and high solar penetration pushing down midday prices.