France’s Engie looks to set up renewables fund in Australia

energy organization Engie
energy organization Engie

French energy organization Engie plans to set up a renewable energy venture fund in Australia to accelerate interest in wind and solar powered farms, its Australian head said on Thursday.

The arrangement is to discover at least one or more accomplices to put resources into a reserve to create 2,000 megawatts (MW) of wind and solar farms in the following 10 years, including the 165 MW of wind control Engie Australia has just introduced and 800 to 1000 MW of wind and sun based activities it has on the planning phase, Australia and New Zealand Chief Executive Augustin Honorat said.

“It’s a method to develop quicker,” Honorat told Reuters in a meeting.

He said there was solid craving from foreign and local infrastructure and pension reserves and the finance community for the planned fund, which he expected would take a couple of months to set up. He declined to put a size on the reserve.

Engie, which shut its Hazelwood coal-fired power plant and sold its other coal-fired plant in Australia in 2017 as a major aspect of a worldwide exit from coal, considers Australia to be one of 20 development advertises all-inclusive for extending in renewables.

While many power makers state Australia’s unsure vitality strategy is hindering interest in new ability to supplant maturing coal-terminated plants, which still produce over 60% of the country’s capacity, Honorat said Engie was centered around its clients’ craving for clean power.

“There’s a ton to do here in view of that vitality change,” he said.

Engie on Thursday said it had marked a five-year arrangement to supply L’Oreal Australia with 100% sustainable power source through a fixed-value power buy understanding, and sees more open doors for corporate power bargains.