Diamondback has announced it will invest $200 million in the Australian Renewable Energy Agency (ARENA) to support renewable energy investment and help fund the expansion of its solar and wind portfolio.
The investment, part of the company’s $100 billion purchase of the Australian Wind Farm, will help support ARENA’s mission to help renewable energy projects across the country.
ARENA CEO Mark Thomas said it would help “drive further investment into Australia’s renewable energy industry”.
“This investment is part of our broader strategy to expand and support the Australian renewable energy sector, with support for existing projects, projects that are new to Australia and projects that could potentially be developed,” Mr Thomas said.
“It also supports ARENA in supporting a new generation of Australian solar and other wind energy projects that have not been successful in Australia.”
The investment is expected to boost ARENA projects that support the development of new renewable energy infrastructure in the states and territories.
ARMA currently manages $1.4 billion in projects across Australia, and is working with the federal government to provide $2 billion in financing for projects that aim to generate 100MW of renewable energy by 2030.
“The $200M is a substantial contribution to the ARENA portfolio, which has been growing rapidly over the last decade and is set to double over the next two years,” Mr Williams said.
ARNA was established in September 2011, and the $200million investment will enable the agency to develop and deliver a range of renewable electricity projects.
The ARENA is currently working with several of the nation’s top developers, including Enel Green Power, the world’s largest supplier of solar energy, to develop the new Wind Farm.
Mr Williams also said that the company would work with the ARMA to help develop a new program to encourage the development and use of renewable power.
“We believe that this program will allow for the expansion and use in the market of solar power and wind energy systems that will provide a cost-effective and scalable solution for the electricity industry,” Mr Simon said.
Photo: Bloomberg “We look forward to working with ARMA on a number of projects including a number in Victoria and NSW.”
ARENA was created in July 2020 to promote the development, deployment and sale of renewable technology in Australia.
It was initially tasked with developing and implementing a number renewable portfolio standards, and was later expanded to cover renewable energy, energy storage and renewable energy services.
The Australian Renewables Trading Association (ARTA) is a trade association representing the major renewable energy producers and operators in Australia and the world.
The group is made up of energy companies and research institutes that produce and market energy technologies, including wind, solar, geothermal and wave energy.
The association’s members include Shell, the largest of Australia’s major oil companies, and ExxonMobil, the United States’ second largest oil company.
The company said in a statement that the ARTA “continues to support ARNA’s mission of accelerating the Australian economy and promoting renewable energy and its value proposition”.
“The ARMA will continue to play a significant role in ARENA-funded projects and support a number ARENA funded projects, including projects in Victoria,” the statement read.
“ARENA-supported projects are a key driver of economic growth in Australia, driving an estimated 1.7 million jobs and supporting over 100,000 Australians with access to affordable electricity and the opportunity to work in a green economy.”