Australia Solar Photovoltaic (PV) Market Size
Australia’s solar energy generation to be three times more due to construction of 12 new solar power plants
As per the ARENA (Australian renewable energy agency), construction of twelve new solar power plants in Australia is predicted to treble country’s extensive solar energy output. The agency declared that it will make total investments of $92.1 million in construction of these 12 plants. It includes six plants in Queensland, five plants in South Wales and one plant in West Australia.ARENA stated that they would improve country’s total solar capacity from 241 megawatts to 721 megawatts, providing enough power supply to about 151,000 Australian houses on an average. It declared that these solar power plants projects were predicted to generate $1.1 billion of commercial investments and propel economic growth of the region.
Biggest solar power plant is expected to be constructed at Darling Downs in Queensland and is projected to produce about 111 megawatts of solar power. It will help in reducing environmental pollution and act on climatic changes and will generate new employment opportunities along with diversification of economy of Queensland.
This largest renewable energy plant of Australia constructed at Queensland will create higher than 501 direct jobs along with hundreds of indirect employments. It will produce enough renewable energy to meet the power requirements of 120,000 houses in Queensland. Four of the five solar power plants projects in this region has received state government’s long term financial assistance. It is expected that the construction of all these plants will be completed by end of 2017.
Kidston renewable power hub is being developed in northwest of Townsville in Australia. It comprises of a big solar farm and is integrated with pump storage hydro project. The main reason being low price and efficiency of pump storage hydro battery which has capacity to store solar energy.
As per global market insights reports, global solar energy industry size is predicted to expand at more than $141 billion by end of 2023. Thus Australia solar power production is projected to contribute heavily towards demand and growth of this global industry.
Construction of solar power plants will also help to reduce carbon emissions in atmosphere and will help to curb the impact of global warming. It will also help in maintaining natural equilibrium & nitrogen cycle, retaining ecological balance and regulating seasonal cycles. This will boost the demand and growth of Australia solar energy market.
Author Name : Dhananjay Punekar