to-the-point: Saudi, UAE renewables investments welcome in Australia
Investors from Saudi Arabia, the United Arab Emirates (UAE) and other major oil-producing countries are welcome to the Australian renewable energy stage.
During a visit to Dubai last week, Australia’s environment minister Greg Hunt urged Saudi and UAE sovereign wealth funds interested in new energy to consider Australia, the Financial Times reported on Tuesday. Hunt told the business daily that the country now has a “rock-solid platform”.
At the end of 2014 Australia had 4 GW of solar photovoltaic (PV) power plants and 3.8 GW of wind farms. Confidence in the sector was shaken significantly in 2014 and 2015 by Tony Abbott's review of the country's renewable energy target, but the tone changed after Malcolm Turnbull became prime minister in September.