Australia’s CEFC slightly decreases investment in large-scale renewables over 2015/16

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Credit: CEFC

Australia’s Clean Energy Finance Corporation (CEFC), responsible for driving investment in the clean energy sector, has invested a record AU$837 million (US$637 million) in 2015/16, up 73% from the prior year, but renewables project investment decreased.

Every AU$1 invested helped catalyse a further AU$1.95 investment from the private sector, meaning that projects supported in the year had a total value of AU$2.5 billion. CEFC’s overall portfolio still grew by 44%.

However, most of the investment increases were seen in areas such as energy efficiency and creating financing mechanisms such as green bonds. Investments in renewable energy projects actually decreased slightly to AU$110 million this year compared to AU$115 million in 2014/15.

CEFC stated in its report: “The slight decline in total CEFC commitments to cleaner power solutions in 2015-16 reflects earlier hesitancy in this market segment, which we expect to improve on the back of enhanced investor confidence.”

This could be attributed to prolonged uncertainties for the market regarding the Renewable Energy Target (RET) last year, as well as fears over the plundering of CEFC's renewables budget to be used in other areas. For example, back in June, Australia’s federal government revealed plans for a third AU$1 billion reallocation of money from the CEFC, prompting a backlash from solar campaigners.

General highlights this year are shown in the following infographic:

Credit: CEFC

From the CEFC’s inception in 2013 through to 30 June 2016, total investment commitments were almost AU$2.3 billion, contributing to projects of various technologies with a total value of AU$5.7 billion.

Highlights for solar in the year 2015/16 included:

  • Starting construction of the edge-of-grid Barcaldine Solar Farm in Queensland (CEFC provided AU$20 million)
  • Completion of the 10.6MW DeGrussa solar-plus-storage project in June (CEFC provided AU$15 million)
  • Completion of 2MW Uterne II Solar Farm in November 2015
  • Completion of 1.8MW Yulara solar installation in April 2016
  • Connecting the 56MW Moree Solar Farm to the grid in February 2016

CEFC chief executive Oliver Yates said: “Through our 15 new investments, we mobilised an even greater amount of private sector capital into clean energy activities, working across a diverse range of technologies and geographies.

“At the CEFC we have concluded another year demonstrating that we have a scalable platform to accelerate our investment activities and to continue to contribute to the transformation of clean energy investment in Australia.”

The CEFC is on the lookout for a new CEO with Oliver Yates to step down once a replacement is found.

Read Next

January 21, 2022
Toronto-based renewables developer Amp Energy has closed on a US$350 million credit facility to advance on a global portfolio of renewables and battery energy storage assets.
January 18, 2022
Prefabricated solar solutions manufacturer 5B is looking to improve the scalability and cost of its technology through an AU$33.4 million (US$24 million) innovation programme and support from the Australian Renewable Energy Agency (ARENA).
January 12, 2022
Australian LNG player Woodside Energy has tabled plans to build a utility-scale solar-storage project with a generation capacity of up to 500MW in Western Australia.
January 10, 2022
The Australian Renewable Energy Agency (ARENA) is providing AU$40 million in funding to support research and development (R&D) that can help Australia reach its ‘ultra-low cost solar’ goal, recently added as a priority under the country’s decarbonisation strategy.
PV Tech Premium
December 28, 2021
Accurate generation modelling and forecasting is integral to not just the financial performance of operational solar farms, but how they are integrated into modern grids. A study from Monash University in Australia has proven how artificial intelligence approaches can help drastically improve performance forecasts. Dr. Christoph Bergmeir, who led that study, details its key learnings.
December 20, 2021
New research has revealed that solar PV and wind continue to be the cheapest new-build electricity generation options in Australia, even when considering their additional integration costs such as energy storage and transmission. 

Subscribe to Newsletter

Upcoming Events

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
Solar Media Events
April 25, 2022
Berlin, Germany