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Australian Government Invests $54M in Clean Energy
March 15, 2017
The Australian government is providing $54 million to support large-scale solar development with the potential for pumped hydro storage.
Awarded from the Clean Energy Finance Corporation (CEFC), the funding will help develop storage technology for renewables, which is important for stabilizing the grid as electricity can still be used when the sun is not shining or the wind is not blowing.
The solar development will take place at Genex Power’s Kidston Renewable Energy Hub, 270km north-west of Townsville.
The Australian Renewable Energy Agency has provided $4 million for a study into the next phase, a 250 MW pumped hydro-storage project.
Co-locating a large-scale solar farm with a large-scale pumped hydro storage project will be an Australian first.
At the Turnbull Government’s request, the Australian Renewable Energy Agency (ARENA) and the CEFC, agreed to work together on a priority new funding round for large-scale storage and other flexible capacity projects including pumped hydro.
The Coalition Government has already spent or committed more than $220 million in funding for a suite of energy storage projects across the country.
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