Finance

A new $200 million partnership with Bank Australia has boosted the capability of Sustainable Melbourne Fund to help all Australian commercial and agricultural enterprises become more sustainable. For many businesses, reducing electricity costs and emissions through solar PV installation has been the first project on their list.

The Australian government’s green bank continues to invest in energy efficient homes for low income families with a new funding granted for solar and battery-powered dwellings in regional New South Wales.

Echoing a growing appetite for corporate renewable power purchase agreements in Australia, Ascham School has become the first school in New South Wales to ink a long-term deal with commercial electricity retailer Flow Power.

Only a month after it signed up to the global initiative RE100, Bank Australia has announced it made the switch to 100% renewable electricity one year ahead of its 2020 target.

A grant of nearly $1 million has been announced for a 100% renewable energy project which will see the World Heritage-listed Daintree Rainforest reduce its reliance on diesel fuel to generate power.

The Beijing authorities have confirmed the payment levels to be made according to type of project and region from July onwards but an auction process will be involved so the figures are for guidance only. No decision has yet been made on the 30 GW of capacity added since the end of May.

As part of its Future Mines and Jobs Plan, Labor has pledged to revive the Exploring for the Future funding and invest $75 million in developing the future mining of resources such as lithium. If elected in the upcoming federal election, the party will also make the south-west of Western Australia a renewable energy zone, meaning the region will be able to access funding through the party’s planned $5 billion Energy Security and Modernisation Fund.

In an ASX announcement last week, Queensland-based independent power producer ReNu Energy said it had executed term sheets with Chinese solar developer Astronergy for the acquisition of two 5.8 MW solar farms in South Australia. The total cost to buy the projects and complete construction amounts to $17.2 million.

The EV, energy storage and solar company deployed only 47 MW of solar during Q1, as Tesla moves away from traditional sales methods towards web-based sales for its products.

In the run-up to the May federal election, thirteen farmer and irrigator groups have come up with a list of policy requests to put a downward pressure on electricity prices and preserve the sector’s competitiveness. Among other things, the groups have called for more government support for solar PV and battery storage installed on site, and removal of barriers to connecting on-farm generation to the grid.