Renewable Energy Bodies Supplement AU$350 mn for Large-scale Australian Solar Farms

Published Date : Sep 09, 2015

About ten new solar farms have been planned to be built across the plains of Australia using an AU$350 mn funding provided by two government bodies related to renewable energy. The support arrived right after the creation of the largest solar farm in the southern hemisphere, situated in New South Wales.

The bodies providing the grants are the Clean Energy Finance Corporation (CEFC) and the Australian Renewable Energy Agency (Arena). They will proceed to provide support in the form of grants and loans to aid the solar projects that are planned out.

Arena has proposed AU$100 mn for a round in which they will invite companies proposing large-scale solar PV projects. The minimum generation capacities of the plants should be 5MW and will receive bid grant that can reach till AU$30 mn each.

On the other hand, the CEFC will offer financing of AU$250 mn for large-scale solar plants. The proposal itself will be directed towards those who receive the Arena grants. Projects that are successful shall receive further loans of at least AU$15 mn.

Analysts are saying that around four to ten projects will be funded. The offering will be a part of a goal set up by Arena in order to create an additional 200MW of large-scale solar PV plants in Australia.

There might even be involvement by state governments to ensure that the proceedings of the projects carry on smoothly. The involvement comes after an initiative to satisfy the current renewable energy targets of 90% within five years, set up by the Australian Capital Territory.