Markets & Policy

Annual investment in renewable energy construction in Australia is forecast to jump almost 50% this year and continue to climb to a peak in 2026 with historically high levels of activity to follow as the country continues its transition away from fossil fuel-fired power generation.

Western Australian battery technology company Altech Batteries has included “game-changing” sodium chloride technology in the design of its new battery 1 MWh GridPack which is expects will be up to 40% cheaper to produce than the dominant lithium-ion alternatives.

Horizon Power’s push to electrify the town of Esperance has reached a major milestone with the Western Australian coastal community’s reticulated gas supply switched off as part of a move that the state government expects will serve as a “blueprint” for other electrification works around the country.

European renewables giant OX2 has announced its entry into the Australian market with the acquisition of Esco Pacific, one of the country’s biggest utility-scale solar developers in a deal valued at $126 million (USD 84.2 million).

Solar module prices will be pressured by rising industrial capacity this year, with capacities doubling in the ingot/wafer stages and potentially quadrupling for polysilicon by 2027, according to the latest PV pricing report from Clean Energy Associates (CEA).

US solar was disrupted in 2022, with module seizures delaying projects due to strict laws designed to stamp out alleged forced labor practices in sections of the Chinese PV industry. However, it remains to be seen whether seizures affected such alleged practices.

The investment arm of Ikea franchisee owner Ingka Group has added to its utility scale renewable energy assets in Australia with the acquisition of a 195 MWp solar farm portfolio from the regional division of German renewables developer Enerparc.

The Australian renewables arm of international energy giant Shell has announced another addition to its rapidly expanding utility-scale battery portfolio, confirming it will team with the Green Investment Group to develop a 200 MW/400 MWh battery energy storage system in Victoria.

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.