Page 11 - AsiaElec Week 42

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NEWS IN BRIEF
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almost A$60bn ($41.2bn) in potential investment, with large-scale solar farms leading the charge,” says David Dixon, a senior analyst on Rystad Energy’s renewables team.
A total of 39.4GW of capacity has been added year-to-date. Utility solar accounts for 54% of this, whereas utility storage and utility wind account for 25% and 21%, respectively.
Clean energy has covered 22% of Australia’s total electricity needs so far this year, and the renewables boom is poised to increase that contribution significantly in the coming years.
“Actually, exports will drive Australia’s renewables’ share of the energy mix closer to 500% than 50% thanks to the rising number of large-scale projects fueling hydrogen generation. This year has seen an increased number of mega renewable projects in Australia, and we expect this trend to continue as state and national hydrogen strategies are forming,” Dixon remarked.
The planned retirements of ageing coal plants continue to drive growth in grid connected projects over the long term. Some 23GW of coal-fired capacity is due to retire from the system, creating an opportunity for 60-70GW of solar and wind, according to Rystad Energy’s projections.
“Despite these projects retiring over the next 30 years, we believe coal-fired generation could be extinct by 2040 – as we expect a flood of storage projects entering the system by 2025. Coal will struggle to compete economically in this market and will also be driven out by growing consumer sentiment for cleaner fuel,” Dixon added.
“We expect this trend to continue with energy intensive users of power and gas – with the electrification of LNG projects presenting a silver bullet for Australia’s East Coast gas crisis,” Dixon remarked.
The new projects proposed in 2019 can be split into three broad segments. The first are renewable projects proposing to connect to the National Electricity Market (NEM). The second are projects proposed for the off-grid mining/resources industry, which consumes 10% of Australia’s total energy use. These projects are competing with expensive gas
and diesel for power generation. The third segment is the emerging export market, with several projects proposing to export solar
and wind energy via hydrogen and/or High Voltage Direct Current (HVDC) transmission. These three opportunities, combined with Australia’s global leading residential and commercial PV sector, will likely drive growth for solar PV in Australia to 35GW in 2025.
Thai Tesco deal for solar on stores
Thailand hypermarket chain Tesco Lotus has entered into a solar PV power purchase agreement with Singapore-headquartered renewables company Cleantech Solar.
The deal covers 19 Tesco Lotus stores across the country and is expected to generate over 21.5GWh of clean energy. It is part of the Thai retailer’s effort to hit the target of parent group Tesco to source all of its electricity from renewables by 2030.
Cleantech Solar will fully finance the design, installation, operation and maintenance of the solar PV systems.
Miroslav Friml of Tesco Lotus said the deal with Cleantech Solar was “a significant milestone that will help us to deliver on our commitment to renewable energy”.
“In 2016 we began installing rooftop
solar panels at eight hypermarkets and five distribution centres. With the added capacity this year, Tesco Lotus will generate over 36.5GWh of clean electricity every year.”
Cleantech Solar owns and operates more than 160 solar plants across southeast Asia and India, representing over 300MW.
ADB invests THB3bn Baht
in Energy Absolute’s green
bond
The Asian Development Bank (ADB) will invest THB3bn ($98.7m) in Energy Absolute’s maiden green bond issuance, proceeds
from which will help support the long-term
financing of the company’s 260MW Hanuman wind farm in Thailand. The investment will contribute to Thailand’s renewable energy objectives and its ongoing efforts to reduce carbon emissions.
The bond will have a total issuance of THB10bn. It will only be the second Climate Bonds Standard-certified bond issued by
a Thai energy company and the first green bond for a wind power project in Thailand. Proceeds from green bonds are used to fund, in part or in full, new or existing projects that deliver environmental or climate-related benefits.
The agreement was signed in Bangkok today by Deputy Director General of ADB’s Private Sector Operations Department Christopher Thieme and Energy Absolute’s Deputy Chief Executive Officer Mr. Amorn Sapthaweekul on the sidelines of a knowledge- sharing event—the Capital Market Research Forum: Development of Green Bonds in Thailand. The event was hosted by ADB and the Stock Exchange of Thailand’s Capital Market Research Institute.
“Thailand has ample renewable energy resources and its green and climate bond market has tremendous potential,” said Mr. Thieme. “This maiden green bond issuance by Energy Absolute will contribute to the evolution of that market, while supporting the clean energy ambitions of Thailand’s Power Development Plan by underpinning the growth of wind power generation.”
“The green bond issuance benefits our company through lower cost of financing and demonstrates our strong commitment to sustainable development including environmental and social dimensions,” said Mr. Sapthaweekul.
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