Finance

The Australian government has unveiled a $70 million (USD 49 million) investment to aid the development of a green hydrogen hub in the north Queensland city of Townsville as it looks unlock the benefits of an industry which it says could inject an additional $50 billion (USD 35 billion) into the economy by 2050.

The Northern Territory government remains upbeat about the future of the $30 billion-plus (USD 20.7 billion) Australia-Asia PowerLink project despite the company behind what would be the world’s biggest solar and energy storage project having abruptly entered voluntary administration.

Philippines-based energy company ACEN Corporation plans to capitalise on Australia’s “unparalleled renewables potential” after securing a $277 million (USD 191 million) loan facility which it says will be accelerate the delivery of an 8 GW clean energy portfolio that includes solar, wind, battery storage and pumped hydro.

A government-backed incentive scheme established to accelerate the introduction of distributed solar energy storage in the Australian Capital Territory is to be wound up having achieved its target of subsidising the installation of about 5,000 batteries over the past seven years.

A 110 MWp Queensland solar farm that is fully constructed and currently undergoing hold-point testing is one of a trio of PV assets that Greece-based industrial conglomerate Mytilineos has secured finance for as it looks to further establish its position in the Australian renewable energy market.

Sun Cable, the developer of the world’s largest solar and battery project, backed by two of Australia’s most powerful energy players – Andrew Forrest and Mike Cannon-Brooks – has entered voluntary administration. It is not yet clear what this will mean for the company’s hallmark project, the Australia-Asia PowerLink, though the company’s executives appear optimistic.

Danish investment firm Copenhagen Infrastructure Partners has sharpened its focus on long-duration storage in Australia, announcing it has acquired the proposed Bowen Renewable Energy Hub project that is expected to combine 1.4 GW of pumped hydro storage with huge solar and wind generation.

Australian software company OpenSolar plans to speed the development of its free online solar design and sales platform and drive customer expansion globally after securing a funding injection of more than $22 million (USD 15 million).

Investment and forecast revenue from Australian resources critical to low-emissions energy technologies has grown dramatically in 2022, federal government reports find. The forecast export earnings from critical minerals has grown 50% in the year, while hydrogen projects now make up the nation’s largest single component by value, though in a highly speculative form.

FRV Australia has reached financial close on its Walla Walla Solar Farm thanks to a PPA with Microsoft. The company is also progressing its second big battery in Australia, the 250 MW / 500 MWh Gnarwarre battery in Victoria, after winning support from the Australian Renewable Energy Agency.