Cormann and Hunt says ARENA “savings” will be recaptured by cutting money to the Clean Energy Innovation Fund, before being forced to backtrack.
ARENA to have its funding slashed by $500m after Labor and the Coalition agree to compromise on government’s omnibus budget repair package.
This week the Australian Renewable Energy Agency (ARENA) funded 12 cutting-edge solar power projects. It could be the last grant funding it ever makes.
The Australian Renewable Energy Agency today announced the 12 large scale projects that won grants in what could be the agency’s last major funding round if most of its remaining monies are stripped by the Coalition and Labor parties.
Energy industry industry big hitters including Tesla, ABB, AGL Energy, FRV and Enphase Energy call on Parliament to protect ARENA funding.
ARENA believed to have proposed a compromise on its funding position, in an effort to continue its support of new technologies and critical research.
More than half the shortlisted large-scale solar projects expected to get funding from ARENA tender. A total of 12 projects, mostly with single axis tracking technology and costs as low as $100/MWh are expected to win grants, with solar module costs set to slump again next year.
As ARENA hangs in the balance, a $20m Seed Fund has been launched via Clean Energy Innovation Fund to back early-stage clean energy technology, R&D.