Australia losing $1 Billion in Projects because of Review of Renewable Energy Target
$1 Billion in Projects Stalled by Renewable Energy Review Sourceable, 26 March 14, Uncertainty surrounding the Renewable Energy Target has left nearly $1 billion in wind and solar projects in limbo as developers await the outcome of the Coalition government’s review. – Spanish wind power firm Acciona has announced that it has placed three projects in Victoria with a collective value of $750 million on hold due to concerns over the fate of the Renewable Energy Target (RET), which is currently under review by the government. – ……
David Green, chief of the Clean Energy Council, said worries of sovereign risk in relation to government policy is on the rise amongst foreign investors, a factor which could seriously compromise the growth of Australia’s renewable energy sector given the prominent role of overseas players.
According to members of industry, the total value of projects which have been temporarily shelved as a result of the RET review could be as high as $1 billion in total.
-The RET review was announced in February, with the ostensible purpose of investigating the impact of clean energy on retail power prices.At the time that the review was launched, however, the ABC quoted a senior member of the Liberal Party as saying it would help provide the Coalition government with the “cover” they needed to “kill the RET,” with the appointment of climate change skeptic Dick Warburton to the head the study…….http://sourceable.net/1bn-in-projects-stalled-by-renewable-energy-review/
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