Biggest Renewable Energy Investment Ever in Australia
Australian taxpayers will front the bill for what will be the biggest single investment in renewable energy ever. During negotiations of a new carbon price and diversion away from renewable energy subsidies, interests groups led by the country’s Greens and rural independents ensured that a significant potion of the investment be made into clean energy projects. The total $10 billion renewable energy investment will be carried out over a five-year period slated to begin 2013-2014.
The Australian government is forming a new Clean Energy Investment Corporation that will manage the public funds for renewable energy projects that otherwise could not acquire loans through traditional channels like banks. The corporation will be independently run by a board of directors.
Clean Energy Investment Corporation will make loans or take equity shares in projects with returns on investment being reinvested. The revenues will be split into two streams to appease both the Greens and Labor parties. The first will fund only renewable energy projects such as wind, solar and geothermal, while the second will make money available for hybrid vehicle purchase.
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The company will also invest in manufacturing businesses that provide parts for renewable energy projects, such as wind turbine and solar cell manufacturers. However, no funds will be granted for carbon sequestration or clean coal initiatives.
The clean energy corporation will be joined by a new independent agency to direct and manage $3.2 billion in existing government grants for renewables and biofuels, including the large-scale solar flagships program. Known as ARENA, the agency will also get future funds through dividends paid by the clean energy corporation and a potential share of revenue from the carbon price via any reduction in compensation for trade-exposed industries after 2014-15.
The Australian government believes that upward of $20 billion will be spent on renewable energy projects in Australia in the next decade, and $100 billion by 2050.
Sungrow links Europe's largest energy storage plant to grid
Europe's largest energy storage project, the 100MW/100MWh Minety plant featuring Sungrow's 1500V energy storage system solutions, has been successfully connected to the UK grid.
The UK experienced the most debilitating blackout in nearly a decade in August 2019. The incident exposed the serious lack of frequency regulation of the national grid and demonstrated that the construction of energy storage projects that can regulate the frequency of the grid in a timely fashion should be prioritised. The Minety project, which began at the end of 2019, considerably mitigates the problem and is designed for facilitating grid stability and maximising renewable energy utilisation.
Sungrow supplied both NCM and LFP battery energy storage system solutions featuring high integration, which minimise the footprint, slash the commissioning duration and significantly reduce the system cost by 5%. The solution well meets the latest UK frequency regulation requirement called dynamic containment - requesting the plant to respond to the power instruction of the grid within 1 second, making the project one of the rare 30% of the UK's storage plants equipped with this function.
"We are proud of being part of this landmark project, offering solutions with extreme efficiency and safety while in compliance with the stringent UK grid codes," said James Wu, Vice President of Sungrow, which shipped more than 800MWh of energy storage systems in 2020.
Battery storage capacity in the UK is likely to heavily increase as move towards operating a zero-carbon energy system. At the end of 2019 the GB battery storage capacity was 0.88GWh. National Grid forecasts it could be as high as 2.30GWh in 2025.
Global energy storage updates
TEVOCS has announced the launch of a powerful series of universal portable power stations that provide reliable power for off-grid situations, travel, home backup and more. With an impressive 2080WH capacity and 2000W output, the TEVOCS power station is billed as 'the ultimate power station for modern life' and is available here.
Enlight Renewable Energy has completed the acquisition of 90.1% of the holdings in Clēnera LLC, a leading and seasoned company in the field of initiation, development, construction and operation of solar energy and energy storage projects in the United States.
Last month Canadian Solar Inc. was awarded the first utility-scale battery storage project in Colombia of 45 MW/45 MWh. The project was awarded in the public tender launched by Colombia's Ministry of Energy and Mines, via its affiliate UPME, the Mining and Energy Planning Unit.