21 January 2015 2015 01:08 PM GMT

ET Solar To Receive US$16.4 Million Funding for Solar Program

Australian government-owned lender Clean Energy Finance Corp. will provide up to A$20 million (US$16.4 million) to ET Solar to accelerate the take-up of solar PV in the large commercial sector.

Under the CEFC financed program, ET Solar will own, operate and maintain a customer’s solar PV system – varied to suit their energy requirements with system sizes ranging between 30 kilowatts and 2 megawatts – and the customer agrees to purchase electricity at an agreed rate, which is lower than current electricity costs.

ET Solar will provide up to A$13.3 million in equity, while the CEFC is providing up to A$20 million in senior debt finance towards the program.

“We see the PPA finance model as a way to remove the barrier of the upfront capital requirement which should enable many more Australian businesses to benefit from solar, reducing energy costs and lowering emissions,” CEFC CEO Oliver Yates said.

ET Solar’s first PV systems installed through this program will involve large-scale commercial projects in Queensland, the Northern Territory, South Australia and New South Wales, with a rollout to all states around Australia.

The PPA model has proven highly successful overseas, with more than 75 per cent of new household PV systems in California using lease financing. Internationally, major businesses including Apple, Ikea, Toyota and supermarket giants Walmart, Tesco, Sainsbury’s and Aldi have installed commercial scale solar PV systems.

ET Solar Group CEO Dennis She, said the PPA product would expand options available for Australian commercial customers. “With this investment through the CEFC, the rollout of ET Solar’s PPA model will help large energy consumers in industries like mining, shopping centres and manufacturing to significantly reduce their electricity costs,” he said.

August 16th 2019
Corporate Sourcing of Renewables Growing, Taking Place in 75 Countries

Companies in 75 countries actively sourced 465 terawatt hours (TWh) of renewable energy in 2017, an amount close to the overall electricity demand of France, according to the report from the International Renewable Energy Agency (IRENA). With the continued decline in the costs of renewables, the report suggests, corporate demand will continue to increase as companies seek to reduce electricity bills, hedge against future price spikes and address sustainability concerns.

August 14th 2019
Wind: China Maintains Emerging Markets Top Spot Following 19.7GW Build Boom

Wind industry intelligence service A Word About Wind has launched its Emerging Markets Attractiveness Index report for 2018, which provides insight and analysis into the most attractive emerging markets for wind companies. The index, now in its second year, ranks the top 30 emerging markets that investors should consider when investing in wind in Europe, Africa, Asia and Latin America. The list considers factors including political and economic stability for investors, alongside the growth of electricity demand and potential for wind growth, in order to rank the countries by overall potential. As with last year’s report, China tops the list and the ongoing trade war with the US shows no sign of slowing China’s formidable growth.

August 12th 2019
EU Approves Ambitious Energy Efficiency Goals, Encourages Clean Energy Feed-In

Europeans will now be entitled to consume, store and sell the renewable energy they produce in line with ambitious targets set by the EU. The targets are to be reviewed by 2023, and can only be raised, not lowered. By making energy more efficient, Europeans will see their energy bills reduced. In addition, Europe will reduce its reliance on external suppliers of oil and gas, improve local air quality and protect the climate. For the first time, member states will also be obliged to establish specific energy efficiency measures to the benefit of those affected by energy poverty. Member states must also ensure that citizens are entitled to generate renewable energy for their own consumption, to store it and to sell excess production.

August 10th 2018
Major Role For WorleyParsons’ Advisian On World’s Largest Solar Power Project

Noor Energy 1 has appointed Advisian, the global consulting firm of WorleyParsons, as Owner’s Engineer for the concentrating solar power (CSP) fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. The 700MW project will be the largest of its kind in the world and as an Owner’s Engineer, Advisian will protect the owner’s interests by ensuring all contractors are adhering to project specifications. It will also provide a review of the basic and detailed engineering, manage risk and provide technical support during construction & commissioning of the plant.

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