Australia’s green bank, the Clean Energy Finance Corporation, has announced a new $100 million financing package to fund the rollout of 16 small-scale solar battery hybrid projects, including some battery retrofits and standalone project.
The money – in the form of concession finance – will be funnelled through Melbourne-based Infradebt and is deliberately targeted at projects of around 5 megawatts (MW) that can be speedily built and connected to the grid.
The federal government is struggling to gain traction in its flagship Capacity Investment Scheme as projects battle against planning, social licence, and grid connection issues, and the lack of corporate buyers that can offer the firm contracts needed to secure bank finance and equity.
Federal energy minister Chris Bowen says the Distribution Connected Accelerator Program is looking to fill the gap between rooftop solar and large-scale renewable developments, and will focus on distributed networks that allow more renewable energy to connect faster and at lower cost.
“Australians know about rooftop solar, and they know about big solar and wind farms. This investment backs the missing middle — projects that can be built faster, connect to local networks and help deliver cheaper, cleaner electricity.”
