Finance

U.S.-based hedge fund Magnetar Capital, a 25% investor in a Lyon subsidiary, is seeking to wind up the group’s solar and storage unit, in a case before the Supreme Court of New South Wales. Lyon is looking for ways to buy out Magnetar’s share.

The establishment of Queensland’s state-owned renewable energy corporation CleanCo has reached another milestone with the legislation presented to the parliament.

The Sydney-based developer is seeking $75 million to help finance a 50 MW hybrid project, following a successful 1 MW pilot. Vast Solar is looking to deploy its innovative CSP technology, which uses sodium as a heat transfer fluid to capture concentrated solar energy that can then be stored and used on demand, on the utility-scale.

The Victorian electricity distribution business has proposed network enhancements that aim to drive down power prices starting from 2021. It hopes to boost the safety and flexibility of the grid through the measures, which include network improvements to accommodate more solar and battery storage installations.

New legal advice, sought by The Australia Institute Climate & Energy Program, suggests the Underwriting New Generation Investment Program is unconstitutional and lacks the legislative basis to proceed.

In May 2018, oil giant Shell invested in German manufacturer Sonnen. Now the 112-year-old company wants to fully acquire the business, subject to Germany’s monopoly authorities. Sonnen said it hopes the deal will accelerate its growth by expanding its market reach and capacity.

With financial close still in the works, Sydney-based publicly listed Genex Power has moved on the Kidston Pumped Storage Hydro Project, part of its landmark renewable energy hub in far-north Queensland, signing an early works agreement with EPC contractors McConnell Dowell and John Holland.

Solar ‘lease-to-own’ installer ShineHub has chosen Hanwha Q Cells as preferred solar panel provider for its Community Solar Program under the South Australian battery scheme.

Backed by an estimated $15 million raised from the sale of renewable energy certificates, EnergyAustralia will install free solar PV and battery systems for participating charitable organizations, with the goal to connect them into a virtual power plant and slash their electricity bills by as much as 50%.

A $2.2 million trial run by Jemena, AusNet Services, and UNSW Sydney will explore how existing network infrastructure can better integrate with solar power, as Australia’s rooftop PV uptake goes from strength to strength.