Solar power investors in Australia have raced to meet a government imposed renewable energy target over the past three years. Now, spiralling EPC prices made worse by the COVID-19 lockdown and technical issues with the grid have forced many to retreat, reports Kate Burgess.
It is one of the great ironies of renewable energy: Australia has some of the highest levels of solar irradiance in the world, yet it has been slow to embrace solar energy.
Despite being slow off the blocks, the sunny country rapidly caught up between 2015 and 2017, as developers raced to install capacity before the federal government’s Renewable Energy Target was wound up this year. The deadline (to install 33,000 Gwh of capacity) was met nearly a year ahead of schedule. But problems have since emerged which threaten to thwart the strong growth and turn away would-be investors.