Finance

Australia’s developer CWP Renewables has announced that its plans to add a 200 MW solar+storage project to the 270 MW Sapphire Wind Farm have been approved by the state government.

The Victorian government has announced a massive investment in renewable energy that will bring rooftop solar to 650,000 homes over 10 years. The systems will help Victorians save about $890 a year on their power bills with half-price solar panels at no up-front cost.

At US$518.4 million, the quarterly turnover of the South Korean-German manufacturer was down 10.3% year-on-year, while its net result swung from a profit of $18.7 million in the second quarter of 2017, to a loss of $41.3 million in the latest quarter. Despite this, the outlook for full fiscal 2018 remains unchanged.

South Australia readies to welcome another grid-scale Tesla battery – 25 MW / 52 MWh energy storage system to be installed at the Lake Bonney Wind Farm.

SIMEC Zen Energy, the Australian energy arm of Sanjeev Gupta’s GFG Alliance, has officially launched its landmark US$1 billion (AU$1.38 billion) renewable energy initiative, announcing the details of its first project – the 280 MW Cultana Solar Farm.

The first batch of solar panels at the 42.5 MW solar project, located next to the idled Collinsville coal-fired power station, have been switched on. The project is slated to reach full commercial operation in September.

Green Investment Group, Macquarie Capital’s global green investment platform, has announced the acquisition of a significant solar development portfolio from German-headquartered EPC Conergy. The acquisition will see 88 solar experts join the GIG team.

While the global PV market is set to record its weakest Q3 demand since 2015, the Australian market will finish the year strong across all segments. GTM Research made the finding in its latest Global Demand Monitor, noting that oversupply and falling prices will result in a decline of modules, as a percentage of total utility scale developer cost, from 34% to 28% in Australia this year.

Amid the intense discussion surrounding the National Energy Guarantee’s promise to cut power bills by $550 a year, Australia’s biggest power producer has reported its full year profit almost trebled, and its underlying profit rose by nearly a third.

As the debate heats up in the run up to Friday’s COAG meeting, the Victorian government has issued a last-minute call to redraft the proposed National Energy Guarantee (NEG), and the Australian Capital Territory has redefined its NEG approval conditions in regard to the emissions target. Meanwhile, Australia’s peak renewable energy bodies have taken opposing positions.