Markets

The Australian government’s plan to establish a $15 billion (USD 10 billion) national reconstruction fund to support domestic manufacturing in future industries and reduce the nation’s dependence on imports has become a reality with the investment vehicle rubber stamped by both houses of parliament.

The International Renewable Energy Agency (IRENA) told Berlin Energy Transition Dialogue participants this week that USD 5.4 trillion ($8 trillion) of annual investment is needed to support the global shift to renewables. Kenyan President William Ruto, meanwhile, called for a fair energy partnership between Europe and Africa.

With many of the top choice land parcels for renewable development now taken, the question of where to put new projects in Australia is growing troublesome. Australian company Rela thinks it has a novel solution – one which rests on levelling the knowledge playing field between landowners and developers. “If the counter party is your sole source of knowledge about this whole [renewable] ecosystem, of course you’re hesitant,” director Michael Katz tells pv magazine Australia.

A consortium led by the Fraunhofer Institute for Solar Energy Systems (ISE) will test grid-forming inverters at a large-scale PV facility in southern Germany. The aim of the first tests is to examine the performance of the devices under real operating conditions, stress factors, and typical stress profiles.

The Indian states of Rajasthan, Gujarat and Karnataka now account for more than 50% of the nation’s cumulative installed solar capacity.

Australia’s national science agency, the CSIRO, estimates the country could require a 10 to 14-fold increase in its electricity storage capacity between 2025-2050. It has released its energy storage report, forecasting demand in different sectors and summarising storage technologies.

Australian super funds Hesta and Aware Super have become minority partners into a newly launched renewable energy platform, Intera Renewables. Orchestrated by infrastructure manager Palisade Investment Partners, the fund aims to provide investors with diversified assets in terms of location, technology and offtakers, targeting stable returns and funding for new projects.

South Korea has cut its 2030 renewable energy target from 30.2% to just 21.6%, as it seeks to reduce support for solar and other clean energy sources, while preparing the ground for more nuclear power and liquefied natural gas. A lobby group is now challenging the plan in the Seoul Administrative Court.

A $18.7 billion (USD 12.5 billion) takeover deal for Origin Energy has been struck with a consortium led by Canadian giant Brookfield. Brookfield’s vision for Origin involves spending “at least” $20 billion to build new renewables and storage, using Origin and its customer base as a vehicle for transition.

Household’s rooftop solar supplied a record 14% of Australia’s electricity this summer – contributing more than brown coal, and more than large-scale wind or solar farms.