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.


Originally from Climate Action

Author: Darvin Tocmo

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