Saudi Arabia has announced a US$500 billion investment for an industrial and business zone spanning 26,000 square km (10,230 square miles) over three countries, to be fully powered by solar energy and wind power.
The Clean Energy Finance Corporation (CEFC) and the Australian Renewable Energy Agency (ARENA) have both financed the Kennedy hybrid solar, wind and storage project in north Queensland, which is being developed Windlab and Eurus Energy.
Australia-based renewables firm Windlab has bagged a 10-year power purchase agreement (PPA) with Queensland government owned corporation, CS Energy, to offtake power from and purchase some of the large-scale generation certificates (LGCs) from a major hybrid 60.5MW solar, storage and wind park.
Renewable energy is indeed the future, according to Bloomberg New Energy Finance’s latest report, which forecasts technologies such as wind and solar to “dominate” the future of electricity by 2040, making up 48% of the world’s installed capacity and 34% of electricity generation.
Spain will hold this year's second renewable energy auction of up to 3GW before the summer, but the parameters of the tender, which led to wind wiping the floor of the first auction, look to set to remain.