CEFC finance has helped accelerate the delivery of more than 1GW in additional solar energy – enough electricity to power about 375,000 average homes. While total CEFC solar investments represent just one per cent of Australia’s total electricity generation, they represent a substantial reduction in carbon emissions, of around 1.8 million tonnes annually, making an important contribution to Australia’s overall emissions reduction goals.
CEFC investments in large-scale wind projects have tracked a remarkable level of innovation and change in the sector. While our earliest finance was for projects with partial off-take agreements, we are now working on hybrid projects that bring together wind, solar and storage, as well as projects that are seeking new style off-take agreements with large corporates. These developments are driving considerable infrastructure investment in regional areas, creating long-term assets that capitalise on Australia’s natural wind resources.
Bioenergy has a unique role to play in lowering emissions – whether it is used to create renewable electricity, renewable gas, renewable heat or liquid biofuels. It also offers important waste management solutions, with new and proven technologies able to create energy from waste, reduce landfill volumes and cut emissions. We have invested in several market-leading bioenergy projects and are working with industry to help increase market understanding about the potential uses and benefits of bioenergy.
Australia has abundant potential for low cost, clean renewable energy, with enormous potential to capitalise on our robust solar and wind resources. Integrating this new clean energy into our electricity grid requires significant investment in the transmission system, balancing technologies such as pumped hydro, battery storage and providers of system strength such as synchronous condensers. We are working with project proponents in helping bring energy storage projects to reality.