Finance

Fotowatio Renewable Ventures Australia says it has begun construction on its first standalone battery energy storage system in the country after reaching financial close on the project.

The International Energy Agency projects that solar will attract more investment than all other electricity generation sources combined. Global energy spending is set to surpass $4.59 trillion (USD 3 trillion) for the first time this year.

The Australian Energy Regulator has approved final costs for the next stage of Transgrid’s multi-billion-dollar Humelink transmission project but slashed the budget for the construction of the 500 kV line by more than $3 million.

Australia has firmed as the world’s fourth-largest market for utility scale batteries with new data from research consultancy Rystad Energy revealing that almost 3 GW / 8 GWh of battery energy storage projects have started construction in the first seven months of 2024.

Renewable energy and battery storage developer Fotowatio Renewable Ventures says it has raised more than $1.2 billion in new debt finance for its Australian clean energy assets, including its first standalone battery project planned for Victoria.

Growth in Australia’s renewable energy sector is strong with 43 GW of new utility scale generation and storage projects working through the National Electricity Market connection process but concerns remain that uncertainties surrounding approval processes could impact investor confidence.

South Australian company Accolade Wines has entered into a power purchase agreement for its Berri Estates facility with gentailer Origin Zero that will own, operate and maintain a rooftop solar array of 4,800 panels at the regional site.

The third edition of the Sinovoltaics financial stability report ranking lists India-based Abhishek Corp, Insolartion Energy, Waaree Renewable Technologies, and Solex Energy, all based in India, followed by United States-headquartered First Solar as the top five. Six additional manufacturers entered the global ranking.

Western Australia has locked in federal government funding to build a minimum 6.5 TWh of large-scale solar and wind projects and 1.1 GW of new storage to help ensure the electricity grid remains stable as the state continues its renewable energy transition.

Australian software developer PV Lighthouse has secured almost $2 million in federal to drive the continued development of its SunSolve Yield advanced simulation engine that is designed to improve yield forecasting for utility-scale solar projects.