Nov 20, 2017 Last Updated 3:31 PM, Nov 20, 2017

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IMF gives Australia mixed review in annual economic report

IMF gives Australia mixed revi…

AusBN - The International Monetary Fund (IMF) has concluded that while Aust...

Fresh report warns of 10,000 job losses in SA’s construction sector

Fresh report warns of 10,000 j…

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Australian business conditions elevate to highest on record

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Construction starts on $40m DeGrussa solar project

AusBN – Construction is due to start on a A$40 million solar power plant at the DeGrussa copper and gold mine near Perth, Australia.

The project will become Australia’s largest off-grid project and work on it is due to be completed next year.

More than 34,000 solar panels will be used at the plant and construction of the project will be overseen by juwi.

The Clean Energy Finance Corporation has committed $15 million to the project alongside Australian Renewable Energy Agencies’ $20.9 million and Neoen who are contributing the rest of the funds needed.

Sandfire, who owns the mine where the solar project will be based, has committed less than $1 million towards the project.

Sandfire managing director Karl Simich said: “We identified some time ago that solar power presented an exciting opportunity for us to participate in a low-risk renewable energy initiative at DeGrussa.

“We have no doubt that this project has the potential to be an Australian and possibly a world first — establishing DeGrussa as a reference site for the use of off-grid solar and battery storage technology in the mining industry.”

@AusBNOnline

Engie acquires SolaireDirect

AusBN –The owner of Australia’s dirtiest generator, Hazelwood power station, has acquired SolaireDirect for A$300 million.

Engie is hoping that the acquisition will help the company make the move into the renewable energy industry following Australia’s new renewable energy target.

Company CEO Gerard Mestrallet said:“Solar is becoming totally competitive.

“Solar is an energy of the future. It is the energy with the biggest potential for development. It’s no longer a subsidised niche.”

Engie will invest further $200 million into SolaireDirect to ensure the fast track development of its solar projects.

It seems likely that the company will close its Hazelwood power station, which is based in the Latrobe Valley.

@AusBNOnline

Ratch Australia to start construction on solar project

AusBN – Ratch Australia has announced that it is hoping to start construction on its Queensland solar power project soon.

The A$100 million solar plant will be based in Collinsville and is expected to create up to 80 jobs during the construction phase.

The project was previously put on hold due to a deadlock on the governments Renewable Energy Target.

However, the government recently set a new target so the project will now go ahead.

Ratch general manager of business management Anil Nangia said: "The other good thing about renewable energy is it produces jobs and investment in regional Australia.

"The key aspect of this resolution is it was bipartisan support, with no additional reviews until 2020.

"We believe there's real certainty in this target and it will stay in place and we think it will be there for the long run, if not increased."

@AusBNOnline

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