Australia will add a record quantity of renewable power in 2020, driven by growing corporate demand for clean electricity and to fill generation gaps created by the retirement of ageing coal-fired plants.
New markets are expected to solve growth as pilot hydrogen projects start and oil, gas and mining schemes invest in off-grid renewables generation, according to Rystad Energy. The positive outlook would be a reflection for Australia’s clean energy developers after a sharp drop in investment in 2019.
The industry to bound back in the second half of 2020. Citing projects with corporate power acquisition agreements and the victors of government public sale schemes that are arranged to start construction this year.
Approximately 2 gigawatts of large-scale solar schemes and 1.6 gigawatts of wind power are due to whole contracting in the year ahead, up nearly 40% on 2019 levels.
Still, developers may face breezes finished the lengthier term. The business has already met the administration’s 2020 target for renewable generation and there is no new target to substitute it.