Australia funding programme attracts 2GW of large-scale PV proposals

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email

Australia’s Clean Energy Finance Commission (CEFC) says a recently launched lending programme for solar has attracted enough interest to boost the country’s large-scale PV capacity 10-fold.

The body, which invests in clean energy, said it had received over 40 expressions of interest for loans under an AU$250 million (US$177.5 million) lending facility it launched earlier this year.

“We have received very strong interest from project developers clearly looking to further develop Australia’s large-scale solar capacity,” CEFC chief executive Oliver Yates said.

“The total capacity of the proposed projects is more than 2,000MW. If all these projects proceeded to development, we would see a 10-fold increase in Australia’s large-scale solar capacity. There is clearly strong investor interest in the potential of Australia’s renewable energy sector.”

The CEFC programme complements an AU$100 million funding programme launched at the same time by the Australian Renewable Energy Agency.

Yates said the two bodies would now assess the suitability of the proposals for funding from the two bodies.

“As with any commercial transaction, we would not expect all projects to proceed to conclusion. However we are very encouraged by the number and quality of proposals,” he said. “Australia is uniquely placed to meet more of its energy needs from solar power, and the price of solar is falling as technologies improve and developers gain more experience in this area.”

Projects range in size from 15MW to 200MW, with Queensland attracting the largest number of projects bids, totalling 980MW, followed by New South Wales with 620MW. The CEFC programme will offer loans of AU$15 million and above, for projects over 10MW.

“Australia currently has only four large-scale solar PV developments larger than 10MW. Through this financing program, we are looking to accelerate the development of large-scale solar as an important part of our renewable energy capacity,” Yates said.

The news represents an encouraging turnaround for Australia’s large-scale solar market, which all but ground to a halt when the country’s Renewable Energy Target policy found itself the target of political attacks from the former prime minster Tony Abbott’s government. The new government under Malcolm Turnbull has struck a more moderate tone on climate change and clean energy.  

Environment minister Greg Hunt said of the CEFC/ARENA joint funding programme: “This cooperation will help to drive down the cost of large-scale solar developments in Australia.”

Proposals for over 2GW of large-scale PV have been submitted under a new finance programme in Australia. Image: First Solar.
26 January 2022
Join this free webinar for our analysis of the growth of N-Type technology including; new capacity expansions and production output. We'll also be looking at the global manufacturing footprint with forecasts on how much product will be made outside of China this year and which companies are driving technology change across the crystalline silicon value chain.
23 February 2022
Held annually since 2016, the Energy Storage Summit Europe is the place to be for senior stakeholders in the European storage industry. Designed to accelerate deployment of storage, we examine evolving chemistries, business models, project design, revenue stacks and use cases for storage. The 2022 edition will include exclusive content around longer duration solutions, energy strategies for wide-scale deployment of EVs and "EnTech", the event which sits at the intersection of digitisation, decentralisation and decarbonation of the power system. Come to meet TSOs, DSOs, Utilities, Developers, Investors and Lenders and leave with new contacts, partners and a wealth of information.
7 March 2022
Take your chance to join the most powerful platform in the MENA region. Middle East Energy (MEE), Intersolar, and ees, the leading energy exhibitions are joining hands to co-deliver an outstanding renewables and energy storage event at Middle East Energy 2021. Renewables and energy storage at MEE is the largest gathering of solar and renewable energy industry professionals in the Middle East & Africa, offering the most effective trade focused platform to international manufacturers and distributors looking to meet regional buyers.
8 March 2022
As Solar Finance & Investment enters its ninth year, we sit on the cusp of a new power market with solar at its heart. The 2022 edition of the event will build on our years of expertise and relationships to bring investors and lenders together with top developers. Connect with leaders in the field and use exclusive insights to drive investment and development decisions for the future. Meet new and existing project partners at the largest gathering of European solar investors and lenders.
23 March 2022
When it comes to storage, the US market exceeded a gigawatt of advanced energy storage installations (weighted towards lithium ion) at 1.46 GW, more than the previous six years in total! An exponential growth rate could see the market hit 7.5 GW p.a. by 2025. The summit will provide a wealth of content around this vital piece in the US power puzzle, with sessions dedicated to explore how companies are making money from batteries, the latest chemistries and their applications as they apply to different use-cases. We ask how investors can match ESG criteria to batteries and we will bring case studies of successful deployment and project execution onto the stage to examine how you can ensure your own projects are successful.
29 March 2022
Now in its 10th sell-out year, Large Scale Solar returns to Lisbon in 2022. We are excited to gather together face-to-face with the European solar industry as we provide unique and exclusive access to a powerful selection of the market's key stakeholders. Join this elite summit to find out how the market is maturing, which new markets are becoming more exciting, how technology is evolving and who's driving the market forward into the 2020s. Always senior, packed with developers, EPCs, utilities and investors this is the event for companies serious about European solar PV.

Read Next

January 18, 2022
Hive Hydrogen and Linde plc have teamed up to establish the “world’s largest green ammonia export plant” in Nelson Mandela Bay, South Africa that will have a 780,000 ton/year production capacity.
January 18, 2022
Corporate funding in the global solar sector reached a ten-year high in 2021 as the industry recovered from a COVID-affected 2020, new research from Mercom Capital Group reveals.
January 17, 2022
A round-up of the latest projects news, including EDP Renewables completing Indiana’s largest PV project, two Gulf utility companies pricing their first green bonds and an Australian utility linking its project to the national grid.
January 17, 2022
US independent power producer DESRI is planning to raise up to US$100 million in an initial public offering (IPO) that will see the company listed on the Nasdaq.
January 17, 2022
Solar module manufacturer Seraphim has launched its new S5 series of high-efficiency PV modules with a maximum power output of up to 670W and an efficiency of 21.57%.
January 17, 2022
Oman has signed an agreement with energy major bp that will support the potential development of multiple gigawatts of renewables and green hydrogen in the Middle Eastern country by 2030.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal