Giles Parkinson — Renew Economy — October 6, 2014
The Australian government – and ministers Greg Hunt and Ian Macfarlane in particular, like to tell everyone how much they support renewable energy. But they seem to be doing their level best to trash the industry in Australia.
Key data released late last week underlines the disastrous state of the large-scale renewable sector: for all intents and purposes, it doesn’t exist.
Bloomberg New Energy Finance data shows that Australia is on track to record its lowest level of asset financing for large-scale renewables since 2002 – as just $193 million was committed in the third quarter of the year. From ranking No 11, in the world in 2013, Australia has fallen behind Algeria and even Myanmar.
Australia, which should be one of the world’s leaders in the industry, is seeing its industry collapse. The three biggest Australian investors in renewable energy are in deep trouble.
Industry Funds Management is being forced to write down the value of Pacific Hydro, the largest specialised investor in renewables in the country, by $685 million, according to the Australian Financial Review. This from a business that was to have been floated a year or so ago with a value of more than $2 billion.
Infigen Energy, the largest listed investor in renewables, has said it is facing massive writedowns, and potentially taking dramatic action to protect shareholder funds. It has brought Australian investments to a halt. So has Silex Systems, which has effectively abandoned the solar industry. Continue reading here …