Around $20 billion in renewable energy investment will be needed over the next ten years to meet Australia’s aim of 20 per cent of electricity supply from renewable sources by 2020.
80 per cent of Australians currently rely on electricity generated from coal-fired power stations to run their households, businesses and industries. Transitioning to a lower carbon future will take time and require a significant transformation of the energy sector to build new capacity, while ensuring energy security for our economy and communities.
Chris Yencken, ANZ's Executive Director - Power and Utilities, and his team have helped finance a number of renewable energy projects, primarily wind power, in Australia, the US and Taiwan. This takes renewable energy to around 36% of our project finance energy portfolio.
“We financed Australia’s first renewable energy project in 1992, providing project finance for Energy Developments BioEnergy landfill gas projects in Victoria and NSW and Australia’s first wind farm at Challicum Hills in 2002,” Chris said.
“As the 2020 target approaches, demand for renewable energy project financing is certainly set to increase,” Chris said.
ANZ’s current wind project finance portfolio extends to some 1,145MW - enough renewable power to supply around 630,000 homes or every household in Brisbane, spread across 14 projects, of which over 80% are Australian. In the past twelve months alone, we have completed four wind project financings, totalling some 640MW.
Since March 2010 we have:
We live in your world - August 2010