Pacific Hydro welcomes bipartisan support for key Renewable Energy legislation

Australia's leading renewable energy company, Pacific Hydro, welcomed today's news that an agreement between the Government and Opposition has been reached that will see the 20% by 2020 Renewable Energy Target (RET) bill passed.

"The 20% Renewable Energy Target was a key election commitment from the Rudd Government which will now be delivered", said Pacific Hydro Chief Executive Officer, Rob Grant.

"With passage of this legislation, significant new renewable energy projects, worth in excess of $20 billion, can now proceed over the coming decade."

The 20% RET will result in the creation of tens of thousands of new jobs, mostly in regional Australia and significant greenhouse gas abatement, beginning the enormous task of stabilising emissions from the electricity sector by creating new zero emission energy supplies.

"We congratulate both the Government and Opposition on their commitment to negotiate in good faith and ensure this important, nation building legislation, will be passed".

The Rudd Government's 20% Renewable Energy Target is a significant initiative that will require a more than trebling of current renewable energy supply and capital investment of around $25 billion. By 2020, the target is expected to see the residential needs of Australia met by renewable energy.

"While the 20% Renewable Energy Target is significant, experience tells us that the industry is up for the challenge and that it is eminently achievable", added Mr Grant.

In the absence of targets in Australia in recent years, Pacific Hydro's investment has been focused overseas. But the Australian Company, owned by around 4 million superannuates, is now looking forward to moving ahead with projects in Australia.

"Pacific Hydro has around 600MW of projects which will create $2 billion of investment into new clean energy infrastructure in Australia, creating thousands of new jobs in regional areas - we are really looking forward to getting on with it", said Mr Grant.

The RET legislation will come into effect on 1 January 2010 and while the impact of the solar multiplier is unknown, the target's length out to 2030 is expected to support not only significant growth in rooftop solar panels and new wind farms but also provide the incentive for geothermal, large scale solar thermal and wave power.