Antinuclear

Australian news, and some related international items

Banks ready to back big solar projects: renewable energy jobs on the rise

piggy-ban-renewablesgreen-collarBanks looking even closer at backing big solar projects: Clean Energy Council, Brisbane Times, Tony Moore , 8 Sept 16,  Australian banks will invest more heavily in solar energy projects within the next 12 months, Clean Energy Council chief executive Kane Thornton said after Thursday’s announcement that 12 new solar farms Australia-wide had been backed by $100 million from the federal government.

The federal government’s Australian Renewable Energy Agency on Thursday announced 12 large-scale solar projects – six in Queensland – had received federal support.

ARENA chief executive Ivor Frischknecht said improved efficiencies had meant solar energy producers were getting much more bang for their funding buck than they were even two years ago. “In 2014, the grant funding needed for large-scale solar projects was $1.60 a watt,” Mr Frischknecht said.”In 2015, this dropped to 43 cents at the EOI stage of ARENA’s $100 million large-scale solar funding round; and to an average of 28 cents in June 2016 when full applications were submitted,” he said.

“The average requirement of the projects we are taking forward today is an incredible 19 cents a watt.”

Mr Thornton said solar projects would soon begin to rely less on federal government for funding to begin operations. “We really at the threshold of saying that once we see another round of these of these projects  we are going to see the costs decline to the point when they are built on their own, without the government support,” he said. “I think it is months, if not maybe a year or so, before we can expect them to go ahead without further funding.”

Mr Thornton said banks were now closely examining the viability of investing more heavily in solar and renewable energy projects in Australia.

The first major investment in solar energy by Australian banks came in 2013 when NAB and ANZ invested in a 20 megawatt solar plant in Canberra. More investment in solar plants followed, while banks have questioned some large new coal projects……….

Mr Thornton said scale of new solar farm plants was lowering production costs to the point where it was “cost comparative’ with coal and gas.

Mr Thornton said it was now time to begin training workforces that worked in traditional energy supply companies to work in renewable energy. http://www.brisbanetimes.com.au/queensland/banks-looking-even-closer-at-backing-big-solar-projects-clean-energy-council-20160908-grc5ol.html

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September 10, 2016 - Posted by | AUSTRALIA - NATIONAL, business, employment, solar

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