Published on : Jan 21, 2015
As the Australian solar industry combines with a Chinese partner they plan to get a $3.33 million hike in the government’s green investment bank. This merger will spur companies to obtain more photovoltaic panels.
The Clean Energy Finance Corp will further provide as much as $20 million to the overall venture with ET Solar. This axing will encourage more big power users and shopping centers to reduce their power bills.
CEFC’s CEO, Oliver Yates said the solar PV market offers huge scope to deepen into the market’s commercial sector.
Analysts at Green Energy Trading said in 2014 Australia installed 800 megawatts of solar PV capacity.
The ET Solar program will allow customers to buy the electricity at a negotiable rate below the actual power price. Under the program, ET Solar will maintain the solar PV systems and operate from 30 kilowatts to about 2 megawatts in size.
This power purchase agreement enables more Australian businesses to benefit from reducing their energy costs and emissions, added Mr. Yates.
The Abbott government and other related agencies such as the CEFC’s efforts have been wedged in the Senate in the efforts to cut the renewable energy target.
Even the federal ministers have not agreed to continue to back the small-scale markets that are aiding the solar PV units with 100 kW capacities.
The first PV systems installed through this program are to involve their wide-scale commercial projects in regions of South Australia, Queensland, Northern Territory and New South Wales, said Sam Khalil at ET Solar Australia.
At present, there is one commercial-scale car port solar project under way in Queensland which will incorporate solar energy into the shopping center car park, added Mr. Khalil.
ET Solar based in Nanjing, China will cater $13.3 million in equity for their on-going venture.