Prime Minister, Malcolm Turnbull, has called on the Clean Energy Finance Corporation (CEFC) and the Australian Renewable Energy Agency (ARENA) to focus on encouraging the development of flexible capacity and large-scale energy storage projects in Australia as it transitions to low emissions technologies.
Eligible projects are those which provide flexible capacity to the system such as battery storage, pumped hydro, concentrated solar thermal, biomass and demand management technology.
Both organisations have welcomed the opportunity to help accelerate the development of projects that will enable certainty of energy supply and smooth integration of renewable energy sources.
ARENA will call for expressions of interest for demonstration projects under its Advancing Renewables Program. It is expected that ARENA will allocate at least $20 million to the successful projects.
CEFC will provide successful ARENA funding recipients with the opportunity to secure long-term debt finance to support their projects. CEFC will also consider finance solutions for other projects not seeking ARENA funding.