The federal government’s latest renewable energy auction officially opens on Monday, seeking another 5 gigawatts of wind and solar capacity, on top of the 7.9 GW of new capacity that was selected in the most recent tender announced just days ago.
The Capacity Investment Scheme has so far selected 58 wind and solar projects totalling 18.8 GW of capacity, with a further 1.9 GW from 7 selected projects in the separate Western Australia market.
Which means that if the new auction attracts another 17 projects, the government is guaranteed to achieve the number 82 – in terms of projects selected, if not in its targeted renewable share by 2030.
Only a handful of smaller wind and solar projects have so far made it to construction, but the picture could improve soon, with at least one of the gigawatt scale wind projects announced on Saturday – the 1.1 GW Theodore project in Queensland – planning to reach financial close and begin construction this year.
Dan Belton, the CEO of RWE Renewables Australia, the local subsidiary of German energy giant RWE, says the $3 billion project is still seeking federal approvals under the Environment Protection and Biodiversity Conversation (EPBC) process, but has secured state approval and has strong local support.
