Finance

The Australian government’s green bank has identified small- to medium-sized renewable energy generation projects as a key focus, tripling its existing mandate with specialist fund manager Infradebt in a move designed to drive investment in the space which it said has traditionally suffered from a funding “gap”.

Greek renewables developer Mytilineos has acquired a 15% stake in the Rosedale Green Hydrogen project, which aims to build a 800 MW solar farm next to a 560 MW hydrogen production plant at roughly the midpoint between Melbourne and Sydney on a major trucking corridor.

The federal government has followed the release of its first electric vehicle strategy with a flurry of funding commitments designed to drive an increase in the number of zero-emission cars on Australian roads and in turn decarbonise the nation’s transport system.

Origin Energy will “within weeks” begin building the first stage of a planned 700 MW/2,800 MWh grid-connected battery energy storage system being developed at the site of Australia’s largest coal-fired power plant that is set to be shut down in less than 28 months.

Australian start-up Novalith Technologies has raised $23 million to accelerate the development of its novel lithium extraction process that uses carbonated water in place of sulfuric acid to isolate and extract battery grade lithium from resource deposits.

Green energy investment manager Quinbrook Infrastructure is spreading its reach into the “exploding” renewable fuels and biogas sectors with the acquisition of United States-headquartered developer PurposeEnergy which specialises in converting food and beverage residuals and wastewater into renewable energy.

Australian renewable developer GMR Energy, formerly Maoneng, has started work on its 240 MW / 480 MWh battery project on Victoria’s Mornington Peninsula. The company has entered into an early works agreement with network AusNet, and is aiming to complete the $330 million (USD 220 million) by 2024, two years after the company had originally forecast.

Australia’s lithium and base metals like nickel, aluminium and copper are forecast to earn around $47 billion (USD 31.8 billion) in the current financial year, according to the Australian government’s latest forecasts.

ARENA has opened the first application round for the government’s national community battery program, allocating $120 million (USD 81 million) to be split equally between networks and other applicants. The program was last week accused of rorting, with independent politicians revealing the locations for a proportion of the promised batteries were selected by the Labor party alone and not based on merit or need.

European renewables giant OX2 has announced its entry into the Australian market with the acquisition of Esco Pacific, one of the country’s biggest utility-scale solar developers in a deal valued at $126 million (USD 84.2 million).