Institutional Investors in Solar – NAB’s $200m Portfolio

Institutional Investors in solar have had some great news this week as NAB’s Low Carbon Shared Portfolio represents a $200m pool of loans to renewable projects – so it’s a fantastic way to invest in clean energy in Australia. The portfolio allows the public to support large-scale solar and wind farms which they weren’t previously able to do.

Institutional Investors in Solar

NAB Institutional Investors in Solar
NAB Institutional Investors in Solar (source: NAB.com.au)

Institutional Investors in Solar will be able to invest in the $200m facility which has seven ‘senior loans’ to wind and large scale solar farms financed by NAB.  The CEFC has also chipped in a $90m cornerstone investment:

“The Low Carbon Shared Portfolio creates an opportunity for institutional investors to participate in the renewable energy sector even though they may not be able to enter into individual project financing transactions,” Richard Lovell from the Clean Energy Finance Corporation said. 

“This offering is unique in giving investors credit exposure to the underlying projects, a significant innovation in the market.”

NAB have advised that the seven projects in the Low Carbon Shared Portfolio represent 2.5 million tonnes of displaced CO2 emissions – the equivalent to 350,000 Australian households (i.e. a very significant amount). 

Former NSW Premier Mike Baird is now the head of customer relations for corporate and institutional banking at NAB. Mr Baird spoke of the project and NAB’s goals:

“We’re responding by providing ways for institutional investors to back major renewable energy projects alongside NAB, while releasing capital for NAB to continue to reinvest in the renewables sector.”

According to the Fifth Estate, all seven loans in the Low Carbon Shared Portfolio are in Australian dollars and all have a remaining tenor of at least 15 months. The loan portfolio has an expected weighted average life of 3.2 years. NAB will retain at least 25 per cent of each low carbon loan on its own balance sheet and will manage the loans for the shared portfolio. If NAB exits a particular loan, the shared portfolio will also divest.  

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UNSW’s Martin Green wins Global Energy Prize

Sydney professor Martin Green from UNSW has beaten out Tesla Musk to win the $820,000 Global Energy Prize for his work in the field of photovoltaics. Green will share the prize with Russian scientist Sergey Alekseenko, who is an expert in the field of thermal power engineering.

Martin Green and the Global Energy Prize

Martin Green of UNSW
Martin Green of UNSW (source: Wikipedia)

Professor Green is Director of the Australian Centre for Advanced Photovoltaics at UNSW. According to the ABC he’s a leading specialist in both mono and polycrystalline ilicone sole cells, having invented the PERC solar cell (PERC cells represent just under a quarter of the world’s silicon cell manufacturing capacity (as of end of 2017)).

We’ve written plenty of articles about UNSW solar – they’re involved in general solar power research, have launched the SunSPoT solar potential tool, and they have also recently signed a 15-year corporate PPA (Power Purchase Agreement) with Maoneng Australia and Origin Energy to become 100% solar powered, thanks to Maoneng‘s Sunraysia solar plant.

In 1989, Professor Green and his team were responsible for the solar cells in the first photovoltaic system. In 2014 he was able to double 1989’s energy conversion efficiency of 20% to 40%. 

UNSW President and Vice-Chancellor Professor Ian Jacobs told the ABC that Professor Green had “delivered truly transformational outcomes in renewable energy for more than three decades”.

“Martin is a highly deserving recipient of this global prize and we warmly congratulate him,” he said.

“His fundamental and applied research has transformed the global energy sector and will continue to produce major economic and social benefits, both in Australia and worldwide.” Professor Jacobs continued. 

Professor Green said receiving the award was “a great honour”.

“The efficiency of solar modules is an area whose progress has been faster than many experts expected, and this is good news,” he said.

“We need to maintain the pace of research in Australia, not only to keep our international lead, but also to benefit society by providing a cheap, low carbon source of electricity.”

This is a fantastic reward for one of Australia’s solar stalwarts and we salute Professor Green for his ongoing work with solar power technology.

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Australia’s largest hospital solar power system at Port Macquarie

Australia’s largest hospital solar power system will be built at Port Macquarie Base Hospital as part of a $900,000 investment via the Mid North Coast Local Health District project. The hospital solar farm is projected to save the Port Macquarie Base Hospital around $130,000 in energy bills each year.

Australia’s largest hospital solar power system

The ABC is reporting that the hospital solar power system will generate 609kW and “significantly” reduce the site’s dependency on the grid. The project will involve installing more than 2,000 photovoltaic panels to cover most of the available roof space at the hospital. Queensland commercial solar power installer Solgen will be responsible for installing the panels, according to Port News

Hospital Solar - Solgen
Hospital Solar – Solgen (source: solgen.com.au)

Project manager for environmental sustainability for the Mid North Coast Local Health District, Danny Saunders, said that he expected other hospitals in a similar situation could follow suit with regards to installing solar on top of their roofs:

“They have large roofs and consumption day and night. It’s really the perfect storm for installing solar,” Mr Saunders said. He discussed how installing a large-scale solar project on top of a hospital is certainly not a new idea, and that he’s aware of a few others in various stages of completion:

“I know Canberra recently put in a very large system, and Adelaide and Bankstown is going through the process as well now.” 

“We just happen to have the largest one at the moment,” Mr Saunders said.

Port Macquarie MP Leslie Williams also weighed in on the project, with some effusive words:

“It makes perfect sense in an area like Port Macquarie, where we have one of the highest uptakes of rooftop solar, that we can do the same on our government facilities including our health facilities,” she said.

“Obviously hospitals have a huge expanse of rooftop available, and some 2030 panels will go up there, making a significant saving for the local health district that can be invested back into frontline services.”

The solar system is expected to be built by mid-July and will also include energy performance monitoring – with over 9,000 lights replaced with high efficiency LED lights. A great step into the future and we look forward to seeing more hospitals installing solar systems on the top. 

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Kiamal solar farm signs a PPA with Flow Power.

The 200MW Kiamal solar farm located near Ouyen in Western Victoria has signed a PPA for 25% of its output (50MW) – they’ll sell this power to Flow Power who will then offer it to their business clients along with power generated from the Ararat wind farm.

Kiamal solar farm

Kiamal Solar Farm - Flow Power
Kiamal Solar Farm – Flow Power (source: flowpower.com.au)

Kiamal solar farm also signed a deal with Total Eren, as CEO of Flow Power Matthew van der Linden sounded excited about when interviewed: 

“It’s really cheap,” van der Linden told RenewEconomy. “It’s well below the rates out in the market.”

“Because we have got a long term agreement with a large scale project and obviously they can offer a very competitive price around that.”

Total Eren will be responsible for construction of the as yet unbuilt solar farm – this will be the first Australian investment from a JV combining Total Eren and a renewable energy developer.  The farm will include more than 700,000 PV panels over almost 500 hectares of space, using single axis tracking. It also has approval from Mildura council for a 100MW/380MWh battery storage facility, according to Michael Vawser of Total Eren.

Another 50MW of the power was contracted to Mars Australia last week – allowing them to run their entire business (including six factories) on 100% renewable energy. Commercial solar continues to come along in leaps and bounds.

Lastly, Kiamal also signed a contract with energy retailer PowerShop (which is owned by Meridian Energy, New Zealand’s biggest utility company):

“This agreement secures our solar output for Victoria and we are also in final negotiations with projects for additional wind output in Victoria,” van der Linden said. “New South Wales, South Australia, and Queensland should follow soon after, completing our first phase of projects and seeing us out for the year.”

The Kiamal solar farm will begin over the next 12 weeks and it’s estimated it’ll take around 12 months to reach completion. If you’d like to read more about the project you can see some more detailed information by clicking here

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Green Power Solar Blockchain ICO

Green Power Exchange (GPX) is a startup which is hoping to create a global platform for peer-to-peer renewable energy trading – with the goal of making renewable energy trading simple and convenient – resulting in a lower price because the energy is being sent directly from producer to consumer, cutting out the usual middlemen.

Green Power Exchange 

GPX’s solution is to eliminate intermediaries and launch a simple, easy to use peer-to-peer platform to buy and sell renewable energy. The local distributor will still need to be paid for line rental, but apart from that this eschews the traditional energy supply chain which consists of 1) Generation, 2) Transmission, 3) Distribution and 4) Retail. Obviously all steps in the supply chain result in a higher cost per kilowatt so it’s great to see some options where someone can buy directly from the producer. 

Crypto Reporting have done some research about Green Power Exchange, how it works, and how much you could save – offering up the example of a producer usually receiving $0.06 USD / kWh from a wholesaler or retailer while the end user is still paying around $0.20 USD / kWh. This is over 300% more than the producer receives – and as the energy goes from transmission to distribution to retail everybody adds on a clip. Not very efficient, and since the producer and end buyer are artificially separated like this, it’s difficult for them to meet and reach an agreement on a price. Enter GPX!

With direct trading, a cost per kWh could be $.1 USD which benefits both parties (the customer would still have to pay line rental to the local distributor which would be around $0.02). In this case the producer receives $.1 USD instead of $0.06 and the customer pays $0.12 instead of $0.20 per kWh. 

For GPX to work, you’ll need a smart meter which will be checked and then energy distributed through smart purchase power agreements posted on the blockchain. Given that PPAs will have to differ depending on the jurisdiction, Green Power have set up standard templates for everywhere the platform operates. There’s also the option to upload your own PPA which will then be vetted by the team to ensure it conforms with their standards. 

Christian Wentzel - Co-founder, Head of Energy - Green Power Exchange
Christian Wentzel – Co-founder, Head of Energy – Green Power Exchange (source: gpx.energy)

The Pre-ICO for Accredited Investors starts in 98 days as of 05.06.2018, so now’s a great time to start researching the company if it looks interesting to you. 

Are you thinking about investing in Green Power Exchange? Have you got any thoughts on this sort of model for the electricity market? Please let us know in the comments! 

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Pallamana solar plant and battery in the works.

Pallamana solar plant – the suburb in South Australia will receive a 176MW PV solar plant and a battery storage system as part of plans released by renewable energy company RES. It gained “Crown sponsorship” in February and is one of two Murraylands solar projects (The other is Vena Energy’s $200m solar farm at Tailem Bend) currently in progress.

Pallamana Solar+Storage Facility

Pallamana Solar Plant and Battery
Pallamana Solar Plant and Battery (source: RES)

A 730 hectare site, which is currently used for cropping, could generate enough electricity to power 82,000 homes. This would result in co2 emissions decreasing by more than 140,000 tonnes per year. RES are planning to apply for DA (development approval) within the next month and then begin construction Q2 next year. 

The site is located in between Hillview Road and Monarto Road, just south of the Pallamana airfield and approximately four kilometres from Murray Bridge. It’s also adjacent to a power substation, (which you can see in orange on the picture above). 

No word yet on the specifics of the project but we’ll be sure to update you as soon as we know what sort of equipment they’ll be using. Of particular interest is the solar battery which hasn’t even got a size yet – so we’re not sure exactly what they’ll end up doing with regards to energy storage. 

The project is expected to create 200 solar jobs during construction and around 320 down the supply chain (accommodation, hospitality, cleaning, and so on). Hopefully RES hire as many locals as possible – there is a lot of solar talent in South Australia!

It’s not all peaches and cream for everyone involved, however – local aviation students have been known to make (infrequent, but necessary) emergency landings in the field where the solar panels will be installed and local residents told a meeting the rows aren’t wide enough for a light aircraft and they were concerned about what would happen in an emergency. 

Councillor Fred Toogood said the proposal was ‘exciting’ and that ‘we’ve got to be open to this sort of thing’ so we’ll see how they resolve the aircraft issue over the next month or so.

As per the Murray Valley Standard, if you’re a local and would like more information about the proposed Pallamana solar project, please visit www.pallamana-solarfarm.com or call 1800 118 737.

 

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Lyon Group – Global Solar Agreements

Brisbane based Lyon Group have announced three integrated solar and storage projects in Australia will be launched via partnerships they have signed with two overseas companies. The renewable energy developer has partnered with US-based Fluence and Japanese energy company JERA to develop large-scale solar+battery projects. 

Lyon Group’s Global Solar Agreements

Lyon Group, JERA, Fluence CEOs to announce partnership.
Lyon Group, JERA, Fluence CEOs to announce partnership. (source: Lyon Group)

Both JERA and Fluence are already joint ventures (JERA of TEPCO Fuel & Power Inc and Chebu Electric Power Co, and Fluence borne of Siemens and AES). The latter focuses on battery storage and service provision, and JERA would invest in the projects. Lyon will remain the project developer.

“This collaboration agreement is based on a shared understanding that the world requires low emissions energy systems that are also secure, reliable and affordable. Utility-scale battery storage solutions across new and existing generation plants will be a key enabler,” said David Green, Lyon Chairman.

The partnerships will be put to work with the following three solar projects Lyon is developing in need of some answers viz a viz their industrial scale battery storage solutions:

According to Nikkei Asian Review, the three solar power pants will generate 550MW when online at the end of next year. JERA are going to contribute over 10 billion yen (~$122 million AUD) to the projects, which will include a 100MW lithium-ion battery storage system at the Riverlands solar farm in South Australia, equal largest of its kind on the planet (the other 100MW battery isn’t far away – the Tesla Powerpack farm installed in South Australia last year as part of the Hornsdale Power Reserve)

We’ll keep you updated how this partnership progresses. Great news for solar energy in Australia! 

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Carnegie raises $5.3 million for solar, battery, wave

Carnegie Clean Energy, a clean energy company based in Perth, have raised $5.3 million for improvements and investments in its solar, battery, and wave energy businesses.

Carnegie Clean Energy Funding Round

Carnegie Clean Energy Funding Round
Carnegie Clean Energy Funding Round (source: https://www.carnegiece.com/)

The raised funds will be invested into working capital so Carnegie is able to complete its existing projects which include wave, solar, and battery storage microgrid projects. The extra money will ‘further develop its contract and project pipelines, and to further expand the business’, according to RenewEconomy

Carnegie’s CEO Michael Ottoviano has been in the press a lot lately and made some comments after the successful funding round:

“We thank our shareholders for their support in the capital raise,” he said.

“We will now use this new capital and our existing funds to accelerate our businesses towards financial sustainability.”

“We have achieved this at a time when this sector is at the start of a period of rapid growth. Our ability to be innovative both technically and commercially creates the opportunity to accelerate the growth our business to achieve and sustain profitable ongoing operations within the next 12-24 months.”

Dr.Ottoviano was quoted last year discussing the increasing competitiveness of renewables:

“We are fielding an increasing number of opportunities that historically were performed by diesel or gas turbines, for which battery systems are now increasingly competitive. The CCE battery solution offers faster response time, lower operating cost, no greenhouse gas pollution, and silent operation.”

Carnegie have also been responsible for some huge solar projects in Australia (which are in various states of progress), namely:

The company was founded in 1987 as Carnegie Wave Energy but has since expanded and renamed itself after purchasing solar and battery microgrid developer Energy Made Clean. Click here to visit the Carnegie website. 

Keep an eye on CCE on the ASX! Current price is at $0.032 as per InvestSmart.

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Global investment in solar power in 2017

The United Nations are reporting that global investment in solar power in 2017 was substantially higher than any other energy source, with a massive 45% of the investment coming from China. Let’s investigate this a little deeper and see what some industry professionals have to say.  

Investment in Solar Power

In a record-breaking year, the 98GW of new solar capacity is higher than any other tech, including other renewables like wind or water turbines, nuclear or fossil fuels. There’s 6GW of this going to Australia – Iain MacGill from UNSW discussed the massive increase in Australian domestic solar via the ABC:

“We have the highest [per capita] rooftop residential solar market in the world, and by quite a big margin,” Dr MacGill said.

“A large proportion of Australia’s investment has gone into South Australia [and that means] we’re at the leading edge of working out how to integrate that renewable power into the electricity market.”

Professor Ulf Moslener from the Frankfurt School UNAP Centre discussed China’s huge $126 billion investment in solar power, where air pollution currently kills around a million people per year:

“The costs are still falling which makes the dominance in investment terms in China even more thrilling,” he said.

The director of ANU’s Energy Change Institute, Ken Baldwin, said there’s still plenty of room to grow and that the next ‘decade or two’ will see the closing of all Australian coal-fired plants: 

“What will be interesting to see is whether this can be maintained,” Professor Baldwin said.

“There was 6 gigawatts of solar, both residential and commercial installed in [Australia] in 2017.

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Solar Energy Australia Statistics – 2017

Solar Energy Australia Statistics – The Clean Energy Regulator released their report on solar power uptake in Australia in 2017. A record 3.5m solar panels were installed on rooftops last year, with their combined output of 1057MW around the same as a mid-sized coal-fired power station. 

Solar Energy Australia Statistics

Small-Scale Renewable Energy in Australia 2016 – 2017(source: cleanenergyregulator.gov.au)

The 1057MW was installed by Australian homes and businesses in 2017, mostly from rooftop solar. That’s the equivalent of 9,500 solar panels being installed in Australia every day of 2017! Commercial solar had a huge influx of big solar systems installed which helped with the numbers. Here are some of the many businesses that installed solar power in 2017: 

Clean Energy Regulator Executive General Manager Mark Williamson was pleased to see the solar uptake in all industries:

“We are seeing a wide cross-section of Australians – households, community centres, schools, and small businesses – receiving incentives under the small-scale renewable energy scheme,” Williamson said.

“Our data shows consumers are embracing renewable energy to take control of their electricity bills” Williams said on the CER website

According to Wikipedia, as of December 2017, Australia had over 7,024 MW of installed photovoltaic (PV) solar power. The CER report shows that in 2017 there was a 41% increase in installed renewable energy capacity compared to 2016. Queensland had the most solar panels installed (295MW), and the ACT showed the greatest annual increase – showing a massive 57% change from its 2016 figures. The CER report also showed that the average solar system size in Australia has increased by 200% – from 3kW to 6kw – as prices continue to decrease and technology increases rapidly. 

The small-scale Renewable Energy Scheme which created financial incentives for homes and small businesses to install small scale renewable energy systems has obviously had the desired effect. It’ll be interesting to see how 2018 fares as it’s already off to a roaring start. 

 

Solar Energy Australia Statistics

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