Enhanced Renewable Energy Target will unlock billions of dollars in new clean energy investment and protect thousands of jobs

Australia's leading renewable energy company, Pacific Hydro, has welcomed the Federal Government's announcement today that will enhance the Renewable Energy Target (RET) scheme, supporting low-cost utility scale clean energy projects while ensuring household renewable energy options continue to be rolled out.

"The establishment of the large scale RET (LRET) is welcomed and will unlock billions of dollars of projects across Australia and protect thousands of jobs", said Pacific Hydro's general manager for Australia, Mr Lane Crockett. 

"Importantly, this proposal will unlock low-cost utility scale projects which are essential for Australia's clean energy future while continuing the roll-out of household renewable energy options."

Over the past year Pacific Hydro has become increasingly concerned about the impact that the design of the RET legislation was having on low-cost utility scale projects. Renewable Energy Certificate (REC) prices had fallen from a high of over $50 to around $30 and without intervention there would have been no investment in utility scale renewable energy projects in Australia for at least three years.

"This proposal demonstrates that the government has been listening to the industry", said Mr Crockett.

"This proposal is considered. It provides a logical separation between small scale and large scale projects and is in the best interests of Australian jobs and investment as well as providing Australia with a cleaner and more secure mix of energy generation."

"We look forward to continuing to work with the Government on the specific details of the plan so that the appropriate amendments to the legislation are passed during the winter session", added Mr Crockett.

"We call on both houses of parliament to work to pass the legislation quickly and provide the certainty needed for the investment to flow."

Pacific Hydro is an Australian owned renewable energy company with projects operating throughout Australia as well as overseas in Chile and Brazil. In Australia, Pacific Hydro has around $2 billion of projects in its development pipeline.  

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Media contacts: Emily Wood 0421 042 121 / Andrew Richards 0409 364 484