Renewable projects power ahead

QUEENSLAND’S renewable energy sector is likely to benefit by at least another $3 billion investment in new projects in 2018, according to business services company Herbert Smith Freehills.

Partner Gerard Pike said now that the Palaszczuk Government had a majority, the only handbrake on Queensland’s push to have 50 per cent renewable energy by 2030 would be the Federal Government’s policy uncertainty.

“By our count, there has been 1700 megawatts of new renewable projects enter into construction so far this year which is more than double any previous year,” Mr Pike said.

The market is evolving to the point that major corporations like Telstra are underwriting major renewable projects to reduce their energy costs.

Telstra this year struck a $100 million deal with RES Australia to build a 70 megawatt solar farm near Emerald.

“Our expectations is, notwithstanding what’s happening federally, we think next year there is probably going to be an equal amount of investment in wind and solar and possibly pump hydro,” Mr Pike said.

“So, we think there won’t be a slowdown in what has been a super busy year.

“There has been about $3.3 billion investment in $2017 so far, and the projects we have on our books that we are working on at the moment, we think it will at least equal that.”