Finance

The cost of megaprojects is becoming increasingly difficult to estimate, which is causing budget blow outs. Analysis by the Grattan Institute shows that governments in Australia spent $34 billion more on transport infrastructure than first estimated, and that there was a 21% total cost blowout of $20 million-plus projects in the past 20 years. This is a strong example of the need for chief financial officers (CFOs) to participate in managing the cost of inflation through improved communication with stakeholders across supply channels.

Renewable energy developer Lightsource bp will begin full construction activities on two large-scale solar projects with a combined installed capacity of 515 MWdc in Australia after successfully closing a $540 million (USD 365 million) financing package.

The renewable energy sector (solar and wind) recorded project finance deals worth INR 33,893 crore ($6,832 million) in 2021. No new project finance for coal was reported.

South Korean steel producer Posco Group will invest $60 billion (USD 40b) in Australia by 2040 across the green steel supply chain, including in renewable generation, electrolysis and steel making processes.

A poll of more than 2,000 Australians has found 78% agree the federal government should expand the national rooftop solar subsidy to include household battery storage. The concept has floated around for the last years, most notably in the form of a federal bill tabled by independent MP Helen Haines, but may have an uptick of support amid spiralling energy prices.


Squadron Energy, part of the Forrest’s family’s Tattarang Group, has acquired one of Australia’s biggest renewables players, CWP Renewables. The deal, reportedly worth more than $4 billion (USD 2.7b), came as something of a surprise with Squadron’s bid undetected beside highly publicised offers from Iberdrola, Tilt Renewables and Origin.

University of Queensland spin-off Pure Battery Technologies which has developed a greener, cheaper process for refining critical battery materials has received a $57.45 million (USD 38.5 million) loan from the European Investment Bank to build a demonstration plant in Hagen, west Germany.

Risen and Longi have revealed plans to each build 10 GW factories, while Canadian Solar has reported solid earnings and Daqo has secured a big polysilicon order.

The developed world is facing scenarios of zero economic growth or even recessions, as inflation, energy costs, interest-rate rises, and tougher lending criteria makes life tough for business. But money is flowing into the energy transition by scaling and commercialising existing technologies, reports pv magazine’s Tristan Rayner.

Energy giant AGL has disclosed it will shutter its gas-fired Torrens Island B power station in South Australia within four years, citing the impending completion of a new electricity interconnector that will link power grids across three Australian states, unlocking gigawatts of new wind, solar PV and storage projects.