Finance

Greek industrial and energy giant Mytilineos expects the 40 MW Kingaroy Solar Farm being built in southeast Queensland will be operational before the end of the year following the formal execution of a long-term offtake agreement with SmartestEnergy Australia.

The value of critical minerals companies listed on the ASX has hit $86.2 billion (USD 58.3bn), just scraping above the value of companies within the All Ordinaries Gold Index. Australia risen to the booming demand for these minerals, but experts have urged caution.

Queensland’s government has allocated $19 billion (USD 12.9 billion) to deliver on its energy transition plan, with a heavy focus on public ownership of energy assets. Queensland’s flush financial position was enabled by recent change to increase coal royalties, which injected an extra $10.5 billion into the budget.

In a new weekly update for pv magazine, OPIS, a Dow Jones company, provides a quick look at the main price trends in the global PV industry.

The Clean Energy Finance Corporation has awarded the Australian arm of Malaysia-headquartered property developer Mulpha an $80 million (USD 53.95 million) loan to help deliver the first stage of an energy-efficient apartment development in Sydney’s Hills district which is to be powered by 100% renewable energy.

Macquarie Group’s commitment to the global transition to net zero emissions by 2050 has come under scrutiny with a new report uncovering billions of dollars in undisclosed exposure to oil and gas projects.

China’s deputy head of the National Development and Reform Commission is reported to have recently met with Andrew Forrest, founder and executive chairman of Fortescue.

Brisbane-based battery materials and technology company Novonix has sealed a $45 million (USD 30 million) deal with South Korean battery manufacturer LG Energy Solution that is complemented by an agreement between the two parties to jointly work toward developing high-performance, synthetic graphite anode material for lithium-ion batteries.

The International Energy Agency (IEA) said in a new report that solar will remain the main source of global renewable capacity expansion in 2023, accounting for 286 GW. In 2024, the figure is set to grow to almost 310 GW, driven by lower module prices, greater uptake of distributed PV systems, and a policy push for large-scale deployment.

New entrants to solar equipment procurement may be surprised to encounter constantly amended contract terms, index-linked price rises, and near-worthless defect warranties, but they reflect recent supply chain troubles. Clean Energy Associates’ Martin Deak offers a buyers guide.