Federal Energy and Climate Change Minister Chris Bowen has hinted at even larger tenders for new wind and solar capacity following the overwhelming response to the first auction, which was already the biggest in the country. This comes as Australia races to meet its ambitious renewable energy targets.
The federal government’s flagship policy, the Capacity Investment Scheme, aims to underwrite at least 32 gigawatts (GW) of new wind and solar capacity to achieve 82 percent renewables by 2030. The initial auction for 6 GW of wind and solar was heavily oversubscribed, with more than 40 GW of projects expressing interest, indicating a vast pipeline of projects ready for development. Additionally, a tender for 600 MW of four-hour storage capacity was also heavily oversubscribed.
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