Silex Systems halts 100MW CPV project as RET uncertainty bites

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Silex Systems has announced a halt in its 100MW CPV project citing the uncertainty over the Renewable Energy Target (RET) and low wholesale electricity prices.

It was reported earlier on Monday that Prime Minister Tony Abbott had instructed the panel reviewing the RET to direct their attention to the impact of its abolition.

The panel’s head Dick Warburton, and environment minister Greg Hunt were thought to prefer a compromise deal. Abbott now seems to be set on abolishing the goal to generate 20% of the country’s electricity from renewable sources by 2020.

Silex has terminated the AU$75 million funding agreement it had in place with the Australian renewable Energy Agency (ARENA). Another AU$35 million finance agreement with the Victorian Government has also been torn up.

“After careful consideration of project economics, we have decided to reassess plans for the Mildura 100MW Solar Power Station,” said Dr Michael Goldsworthy, CEO and managing director, Silex. “Since we launched the 1.5MW Mildura Demonstration Facility in June last year, we have captured a great deal of useful data and are now investigating alternative opportunities to build on the outstanding work already achieved at the Mildura site.”

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