ARENA backs Aussie renewables with USD 776m since 2012

The Australian Renewable Energy Agency (ARENA) has committed AUD 1.1 billion (USD 776m/EUR 722m) in support for various green power projects since 2012, it said this week.

In its 2014-15 annual report, ARENA calculates that some AUD 2.7 billion in project value has been facilitated thanks to its investments. Since its establishment in 2012, its ultimate goal has been to support improvements in both renewable energy and technologies through research and development (R&D) schemes and power plant projects.

During the reporting period alone, which marks ARENA's fiscal year, 37 new projects with a combined value of AUD 365 million have been announced. These projects, the majority of which involve solar thermal and solar photovoltaic (PV) technologies, have received about AUD 185 million of funding by the agency.

Apart from solar, ARENA has also backed energy storage and efficiency schemes, as well as the creation of a range of digital mapping and forecasting tools for renewables, wave power generation and, the production of green crude from microalgae.

At present, ARENA has AUD 1.3 billion in uncommitted funds for green energy projects.

(AUD 1.0 = USD 0.705/EUR 0.657)

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