Victoriaâs rapid rise in renewables to slash prices, threaten coal
Weâre sorry, this service is currently unavailable. Please try again later.
Dismiss
Save
Normal text size
Advertisement
Victoria is experiencing an influx of new wind and solar farms after a rapid four-fold increase in applications for generation licences since 2017, slashing daytime power prices and adding to the pressure engulfing coal-fired power stations.
The state energy regulator has faced a 300 per cent surge in applications from renewable energy developers over four years and says it expects the pipeline of new large-scale projects to remain strong as the Victorian government invests more than half a billion dollars to fast-track a greater uptake of renewables.
Victoria s rapid rise in renewables to slash prices, threaten coal
smh.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smh.com.au Daily Mail and Mail on Sunday newspapers.
The end of the NEM as we know it
reneweconomy.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reneweconomy.com.au Daily Mail and Mail on Sunday newspapers.
Published: 25 Feb 2021, 15:03
By:
Edith Hancock
An artist s impression of the VBB storage project set to come online in Victoria later this year. Image: Neoen
Australia’s Clean Energy Finance Corporation (CEFC) has invested AU$160 million (US$127.6 million) in a 300MW battery storage project near Geelong, Victoria.
Acting on behalf of the Australian government, CEFC will fund the construction, design and operation of the Neoen 300MW / 450MWh Victorian Big Battery (VBB), set to be among the largest energy storage facilities in the world, through a senior debt facility. The project will also be funded by Neoen equity.
The VBB joins a growing number of battery energy storage projects that have secured debt financing on their construction in recent months. US utility-scale developer Key Capture Energy secured US$93.3 million debt financing for a portfolio of six projects in Texas at the start of February, while independent power producer sPower also landed US$152.4