Big investment in wind, solar and hydro energy will see Australia reach its 2020 Renewable Energy Ta
Author: The Weekly Times Date Posted:29 June 2018
A MASSIVE increase in renewable energy projects either completed or under construction this year has given confidence Australia’s 2020 Renewable Energy Target will be exceeded.
According to the Clean Energy Council’s 2018 report released last week, 700 megawatts of major wind, solar and hydro energy projects came on line in Australia last year but seven times that are either under construction or have financial backing this year.
They include Acciona’s wind farm north of Birregurra, Pacific Hydro’s wind farms south of Ballan and north of Ararat and Tilt Renewables’ Salt Creek wind turbines near Woorndoo.
Most of the remainder are spread throughout NSW and Queensland.
The council’s chief executive Kane Thornton said 2017 was the biggest year for the renewable energy sector since the Snowy Hydro Scheme was completed more than 50 years ago.
Mr Thornton said there was also a record 1100 megawatts of small-scale solar panels installed on residential rooftops last year — the highest level since 2012.
The CEC said large-scale wind and solar investment was a record $12 billion in 2017.
“There are now enough projects in the system to meet the 2020 Renewable Energy Target,” Mr Thornton said.
“Given we were only about halfway to the large-scale target at the beginning of 2017, it shows the remarkable level of deal-making and project activity during the year.”
The RET is set each year by federal legislation.
By 2020, the target for the year is 33,850 gigawatt hours of power.
Tilt Renewables is planning a $600 million investment in an 80-tower wind farm at Dundonnell in Western Victoria.
Tilt Renewables chief financial officer Steve Symons said the company had submitted a bid to the Victorian Renewable Energy Auction Scheme and should hear next month on whether the State Government would approve it.
The energy company has about 15 wind and solar energy developments either operating or planned in Australia and New Zealand.
