Vic renewables scheme overwhelmed by wind, solar and hydro entrepreneurs
Victoria’s Renewable Energy Target (VRET) scheme has identified more potential investments than it can support, reported The Age (19 July 2006, p.2). The scheme has a budget to support 800-1000MW of renewable energy projects. But new energy projects producing 1106MW have applied.
$890m-worth of projects on table: Companies are investing heavily in Victorian energy, the article said. Renewable energy operators contacted by The Age had healthy investment plans. All up, the investments could be worth $890 million.
Pacific Hydro: Pacific Hydro planned to spend $500 million in the next five years on three projects totalling 350MW. AGL has plans for a 130MW hydro power investment at Bogong as well as 410MW of wind at Dollar and Macarthur.
B&B and Roaring 40s: Babcock & Brown has plans to develop two wind sites in Victoria. Roaring 40s, a venture between Hydro Tasmania and China Light and Power, will also look at potential wind energy projects in Victoria.
Solar Systems and Acciona: Solar Systems is planning a 154MW plant near Mildura. Chief executive Dave Holland said the $400 million project could get up as a result of VRET if it also qualified for federal grants for greenhouse abatement technology. Spain’s Acciona has also announced a 192MW project.
Over the top: All up renewable projects total 1106MW – excluding the Roaring 40s and Babcock plans – which exceeds the VRET budget of 800-1000MW.
The Age, 19/7/2006, p. 2
Source: Erisk Net