Australia Confirms $350 Million For Large-Scale Solar Development.

Australian Renewable Energy Agency (ARENA) and Clean Energy Finance Corporation (CEFC) has announced a $350 million large-scale solar finance program intended to boost development in Australia.

The move is aimed at bringing reducing the costs of large-scale solar and has been described as transformative for solar power in the country.

ARENA has pledged $100 million as part of the programme that will seek bids from major large-scale solar PV project developers for grants of up to $30 million a piece.

Projects are required to have a minimum generation capacity of 5 megawatts, with the target of supporting the development of a further 200 MW of capacity across Australia.

Ivor Frischknecht, ARENA chief executive said, “Australia has huge natural advantages in this area: more sun than almost anywhere else and a solar R&D sector that is the envy of the world… The funding round is about unlocking that capability to deploy large-scale solar farms across the nation. This will drive further innovation in the sector and create efficincies in Australia’s solar PV supply chains.”

The CEFC announced a $250 million large-scale solar financing initiative which will support projects with loans of over $15 million.

Oliver Yates, CEFC chief executive said the new wave of investment is “transformative for the deployment of large-scale solar in Australia. When fully deployed, the CEFC finance will be the single largest debt financing commitment to the Australian large-scale solar sector,” he said.

“By working closely with ARENA, and investing alongside private sector co-investors to bridge the financing gap for projects that make commercial sense, we’re seeking to build Australia’s expertise in solar and bring down development costs,” Yates added.

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Originally from Climate Action

Author: Darvin Tocmo

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