Finance

Although initially expected to deliver around 650 MW, Victoria’s first renewable energy auction has smashed the goal, delivering 928 MW of renewable capacity. Six projects will be developed in total, three wind and three solar, under the state’s renewable energy target. In a separate announcement, the Andrews government promised to provide half price solar batteries for 10,000 Victorian households, if re-elected.

The South Australian government will launch its Home Battery Scheme in October, which will offer South Australians subsidies of up to $6,000. In the wake of the government’s announcement, the German storage provider has revealed plans to manufacture up to 50,000 battery storage units at the former Holden site in Elizabeth, creating hundreds of jobs.

The Sydney-based publicly-listed developer is planning to finance construction of the 50 MW Jemalong solar project either on a merchant basis given the strong NSW price forecast, or under a potential offtake arrangement.

Renewables are stealing the march over coal in Australia, and the international outlook is for lower coal demand. Today the international Coal Transitions project released its findings, based on global coal scenarios and detailed case studies by teams in China, India, South Africa, Australia, Poland and Germany.

The Australian Renewable Energy Agency (ARENA) has offered funding to nine Australian universities and research organizations to propel innovation in green hydrogen export.

In what is set to become its largest infrastructure investment to date, the Northern Australia Infrastructure Facility is backing the expansion of three Northern Territory airports, with a $150 million loan. Among other development works, the funding will cover construction of solar farms across all three sites.

The South Australian government says it is looking to implement a series of reforms to improve the reliability, affordability and security of the state’s energy market. According to its latest state budget, released on Tuesday, it has allocated $180 million to execute the program.

Following a grant from the Victorian government, Origin Energy is gearing up to connect solar and battery systems of up to 650 residential and commercial properties across the state, in what will be its first virtual power plant and the largest one in Victoria to date.

If all planned renewable energy projects were to proceed, Queensland would be in line for a $24 billion injection into the state’s economy and over 35,000 new jobs, argues a new Solar Citizens report.

Hit hard by volatile energy prices, Australian manufacturers have been advised to reduce their reliance on gas through a range of initiatives that can deliver major efficiency gains, such shifting from gas to solar.