Solar industry takes off as 12 new plants secure finance
Source: The Guardian
Australia’s large-scale solar industry now appears to be on solid ground, with all 12 plants recently awarded grant funding by the Australian Renewable EnergyAgency reaching “financial close” this month.
That means they are fully financed and have locked in engineering, construction and grid connection agreements, as well as council and environmental approvals.
Construction has already begun at nine of the 12 Arena-funded plants, and the others three are a done deal, with the NSW White Rock solar farm the final project to reach financial close last week.
Arena’s chief executive, Ivor Frischknecht, said there were at least six more plants being developed in Australia without grant funding, suggesting the grant program had succeeded in establishing a self-sustaining industry.
When completed, the 12 power plants will provide enough electricity to power 150,000 homes, and account for 10% of the new capacity needed to meet Australia’s 2020 renewable energy target.
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