Finance

With new modelling by PricewaterhouseCoopers Australia revealing that businesses will spend $3.7 billion on advisory services supporting their transition to a clean economy by 2030, the firm has launched a new unit designed to help facilitate the nation’s successful transition to a decarbonised economy.

Australian energy giant AGL Energy has revealed that Canadian fund manager Brookfield Asset Management has acquired a more than 2.5% stake in the power producer, renewing speculation it may mount a fresh tilt to take over the company.

ASX-listed company Vulcan Energy announced a $76 million equity investment from one of the globe’s top five automakers, Stellantis, which owns brands like Peugeot, Citroen, Fiat, Chrysler and Opel. The deal, Vulcan managing director Francis Wedin told pv magazine Australia is one of number in the works as the European market clambers to secure not just lithium, but sustainably produced lithium, from the Aussie company. Wedin explains precisely how the company’s novel lithium extraction method works and why it finally affords properly green credentials a vital battery resource.

Rio Tinto has joined a group of industrial heavyweights including Equinor, Amazon and Mitsubishi Heavy Industries as investors in United States-based renewable hydrogen start-up Electric Hydrogen which plans to build green hydrogen production facilities at scale for industrial and infrastructure applications.

The Australian Centre for Advanced Photovoltaics will receive up to $45 million in federal funding over the next eight years as it seeks to develop the next generation of efficient and ultra low-cost solar technologies.

Australian renewables developer Energy Estate is seeking to raise more than $500 million to support its development activities and bankroll the construction of renewable power plants in both Australia and New Zealand.

A new report shows that renewable energy companies will continue to compete in upcoming auctions in India, undeterred by challenges such as rising materials costs and surging interest rates.

Australian gentailer Snowy Hydro has signed a power purchasing agreement with CWP Renewables for its biggest wind farm, currently in development in New South Wales.

Oil and gas giant BP will take a 40.5% stake in the 26 GW Asian Renewable Energy Hub megaproject proposed for Western Australia’s north coast.

There is enormous demand for renewables to enter the grid, and for power purchase agreements to make use of them. However, as more renewables feed into the grid at intermittent periods, the risk of “revenue cannibalisation” increases. Swiss consultancy Pexapark’s latest report looks at the “cannibalisation effect” and how the solar PPA market can adapt.