The Australian Renewable Energy Agency (ARENA) has announced new priorities for programs it invests in.
According to ARENA CEO, Ivor Frischknecht, the Agency has invested $1.1 billion in 230 renewable energy projects to date, with each funding dollar leveraging close to two dollars of funding from other sources.
The new focus will build on ARENA’s success.
“The five priorities represent current market imperatives or opportunities and are the main areas where ARENA investment can have the greatest impact at this point in time,” Mr Frischknecht said.
The five priorities are:
Integrating renewables and grids
Supporting activities that increase the penetration and use of renewable energy generation and distributed energy in Australia.
Renewables for use in industrial processes
This will have a primary aim of replacing increasingly gas with renewable thermal energy; plus projects reducing the technical and commercial risks associated with the industrial use of renewables.
Off grid areas
Projects integrating renewable energy with existing electricity supply to power industrial processes and communities in remote off-grid areas.
Fringe of grid and constrained sections of the grid
Activities demonstrating how distributed renewable energy systems can alleviate the need for network augmentation or provide other benefits.
Large scale solar photovoltaics (PV)
Sets a goal of driving costs down in the Australian market, to bring big solar power projects closer to parity with wind.
“While ARENA will be actively pursuing these priorities, we will also continue to fund high merit projects in a further 12 areas as outlined in the Investment Plan,” stated Mr Frischknecht.
Mr Frischknecht also said ARENA was streamlining its programme structure, making it easier to apply for funding.
The Agency is proposing a new large scale solar power auction for approximately 200 MW capacity; with $80-100 million support from ARENA. It intends opening the round in September 2015.
“This will help hasten an outcome that is already in train and help ensure Australian isn’t left behind in the global expansion of large-scale solar PV,” said Mr Frischknecht.
ARENA’s overarching objectives are set out in the Australian Renewable Energy Agency Act 2011. The Agency seeks to improve the competitiveness of renewable energy technologies increase the supply of renewable energy in Australia.
“I am confident we have the right levers in place and will succeed in transitioning Australia to a bright renewable energy future.”
