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Green Renaissance in Australia

By Rob Watt (view CV) and Phillip Cornwell (view CV)

After more than three years of inertia, the Australian renewable energy industry is finally showing signs of a resurgence. A series of reviews of the Renewable Energy Target since 2012, and the abolition of the carbon tax in 2014, created a climate of uncertainty that meant investment in new large-scale renewable generation slowed dramatically. In the intervening period, new investment was largely driven by state and territory governments and their agencies. However, with the Large-scale Renewable Energy Target finally settled, the industry is now taking steps to meet the target. Prices for large-scale generation certificates have risen sharply, and long-term power and LGC power purchase agreements essential for bankable new investments are starting to make a comeback.

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The article first appeared in Project Finance International's Global Energy Report, April 2016.

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