Genex’s project is one of 12 that won grants as part of ARENA’s large-scale solar funding round, the results of which were announced today.
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Large-scale solar energy production costs have dropped dramatically since 2014.
Solar panels being installed at the Sydney Town Hall.
“Six plants in Queensland, five plants in NSW and one plant in Western Australia are slated for funding, in a major milestone that’s expected to triple Australia’s large-scale solar capacity from 240 MW to 720 MW”.
More investment in solar plants followed, while banks have questioned some large new coal projects.
Mr Thornton said it was now time to begin training workforces that worked in traditional energy supply companies to work in renewable energy.
ARENA CEO Ivor Frischknecht said the funding round is expected to unlock nearly $1 billion of commercial investment and boost regional Australian economies.
With it being an equity fund, consolidation was likely in the sector with solar projects awarded under the first phase of the National Solar Mission in 2010-2012 likely to see a change of ownership, experts said.
“ARENA is not just focused on building more solar”.
Labor, which went to the July election quarantining $300 million of those cuts, may decide as soon as Tuesday’s caucus meeting whether it will back the government’s omnibus funding through Parliament. It said it looked forward to advancing the development to the next stage.
Mr Frischknecht said the funding was to help large-scale solar become a competitive energy source compared to coal and gas which now dominate the energy market.
“I am proud that the largest solar farm in Australia will now be located on the Darling Downs, and that two of the three largest solar farms will be located in Queensland – we truly have transitioned from the Sunshine State to the Solar State”.
That project, to be owned by Origin Energy, will be on Queensland’s Darling Downs. Project costs have fallen 40 per cent since the start of the process.
Companies have also applied for funding from the Clean Energy Finance Corporation’ solar energy program.
ARENA shortlisted 20 projects for its $100 million large scale funding round, which was expected to support around 200MW of large scale solar.
“Hundreds of projects have been funded to date and hundreds more are needed if we are to transform Australia’s energy system at the lowest possible cost to consumers”, he said.
Australia’s federal renewables agency will hand out grants worth $92 million to a dozen solar projects, helping drive down costs and almost tripling the country’s large-scale solar power generation.
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The backing is in the form of long-term revenue contracts to aid investor confidence.
