Finance

The Australian federal government’s $20 billion (USD 12.6 billion) Rewiring the Nation program has kicked off with billions allocated to support two major interconnector transmission projects.

Rideshare giant Uber plans to accelerate the roll out of electric vehicles in Australia, teaming with Sydney finance company Splend to put 500 more electric cars on Australian roads.

Record energy prices, particularly in Europe, are driving demand for renewables and energy storage. That is changing the equation for utility solar and wind investment and shortening project payback times to under a year in some regions. Storage deployment, driven by recent policy developments around the world, is also expected to get a big boost through to 2030.

Shell Energy Australia has been awarded $9.1 million from the Australian Renewable Energy Agency to recruit at least 40 commercial customer sites, including shopping centres and supermarkets, to begin shifting how and when they use electricity – a demonstration of the potential of flexible demand.

World-beating Australian solar technology company SunDrive has completed a new $21 million (USD 13 million) funding round which will help commercialise its revolutionary solar cell technology that replaces silver with copper to improve solar panel efficiency and reduce costs.

Australia-based energy investment manager Quinbrook Infrastructure Partners has sold a 49% stake in a massive $1.9 million (USD 1.2 billion) solar PV and battery energy storage project being developed in the United States to a Dutch pension asset manager.

The off-grid solar sector has shown resilience in the face of pandemic-related challenges, with 70 million people gaining access to electricity from early 2020 to the end of 2021. However, the ability to pay for solar energy kits has taken a hit.

A German startup backed by major European entrepreneurs and brands this week began the first of many strategic acquisitions in Australia, seeking to create a cross-country network and become a ‘one stop shop’ for renewable technologies with a major marketshare. Chris Williams, the founder of Natural Solar and now the CEO of 1komma5’s APAC arm, told pv magazine Australia the goal is to become the “Apple store of energy” – an opportunity he believes is well within reach given the institutional capital and scale behind the German outfit.

Australian company Vast Solar’s plans to expand into the rapidly growing North American renewable energy market have received a multi-million dollar boost after the United States government announced more than $38 million (USD 24 million) in grants to advance the development of concentrated solar thermal power technologies.

South Korean solar and battery manufacturer Qcells has partnered with finance lender Plenti to launch a home solar, energy storage, and virtual power plant (VPP) solution for Australian customers.