Finance

Chinese module manufacturing giant JinkoSolar today published its financial results for the full year 2018. While the company achieved an impressive 16% growth in shipments over the previous year, its total revenue took a 5.4% hit compared to 2017, thanks to falling module prices throughout the year.

Toyota Australia will transform its former manufacturing site in West Melbourne into a renewable energy hub to produce green hydrogen with the help of funding from the Australian Renewable Energy Agency (ARENA). In other hydrogen-related news, researchers at UNSW Sydney with partners H2Store have received a $3.5 million investment from Providence Asset Group to develop a hydrogen residential storage.

Following months of uncertainty around its financial position, Carnegie Clean Energy and its fully owned subsidiaries went into voluntary administration last week. In its latest statement to ASX, the renewable energy developer says it has struck a deal with one of its directors to provide funding support while administrators attempt to recapitalize its wave power business.

If re-elected on Saturday, the NSW Coalition will change strata laws to reduce the minimum votes needed to install solar panels, battery storage and electric vehicle charging points in strata buildings. The government has also pledged to give $20 million more funding to the Emerging Energy Program and $10 million in funding for a solar panel and battery recycling program.

Around $9.4 million has been allocated for 11 projects to trial short-term forecasting for large wind and solar farms under a funding initiative by the Australian Renewable Energy Agency (ARENA) in partnership with the Australian Energy Market Operator (AEMO). The trial aims to improve the accuracy of market outcomes.

The Northern Territory has announced a one-off $2 million program energy efficiency and sustainability funding pool with grants now open to local government councils for a range of projects, including energy storage and renewable energy systems.

The Sydney-based publicly listed renewables developer has completed the acquisition of the 50 MW Jemalong solar PV project in New South Wales. It has also commenced refinancing of a 50 MW solar projects that forms part of its landmark Kidston renewable energy hub, Australia’s first large-scale project to use pumped hydro to store solar generated power.

After reporting a $45 million loss in its half year results, the troubled renewable energy developer has suffered a new blow. The Western Australia government has terminated the $16 million financial assistance agreement for the Albany wave energy project, noting that unexpected proposal to change Federal Government’s R&D tax incentive scheme contributed to destabilization of the company’s financial position. 

The electric carmaker has signed 12-month credit agreements with three of China’s ‘Big Four’ lenders as well as the development bank for Shanghai as it aims to get its lower-priced Model 3s rolling off the production line by the end of the year.

17 liable entities have failed to meet more or equal to 10% of their renewable energy target obligations, including major electricity retailers – Alinta, Lumo Energy, Simply Energy and EnergyAustralia. This has pushed the surrender rate to a record shortfall of 13.9% of total liability. Tristan Edis, Director Analysis and Advisory at Green Energy Markets, explains why retailers decide to carry obligations forward, and how the precipitous fall in the LGC value reflects on customer electricity bills and merchant projects.