General Electric (NYSE:GE) Supporting Australia's Renewable Market

Keith Kohl

Written By Keith Kohl

Posted June 26, 2015

After a year of stalled income for the renewable energy sector, Australia has finally reopened its doors to investors.

Australia Wind Farm

Last year, the government cut the country’s Renewable Energy Target (RET), which shut down a lot of funding in the market.

This year, however, the Australian government passed a law assuring subsidies for renewable energy farms, and several companies took full advantage of this new round of support.

General Electric (GE), along with two other Swiss and Canadian groups, offered funding for Australia’s planned 240 megawatt windfarm. Together, they are contributing $348 million towards the project.

Wind power supplies 25% of Australia’s clean energy, 2% of its overall energy. The new Ararat windfarm will add onto this number and power an additional 123,000 homes.

This new legislation for renewable support comes after Australian Prime Minister Tony Abbott described windfarms as “visually awful” and potentially unhealthy. The decision, it seems, was a compromise between the windfarms’ supporters and nay-sayers.

“It’s important that the views of all groups are heard, and that any concerns are addressed with fact and science,” said Geoff Culbert, GE’s president and CEO in Australia.

To continue reading…

Click here to read the Reuters article.

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