The builder of Australia’s biggest wind farm is planning a dramatic increase in renewable power projects over the next five years as part of a $26 billion investment plan after it welcomed the federal government’s election pledge to upgrade the national electricity grid.
“Australia can be possibly the most effective destination for our investment,” he said in an interview. “So it’s essential and it’s something that’s happening around the world. The energy transition, in all sorts of infrastructure needs, is going to require immense amounts of capital around the world.“Obviously that cannot be done with public money only. It needs to be done with private capital. So there is a big competition with attracting private capital around the world and a company like us can choose to invest in Spain or Chile or the US or Australia.
“In normal wind and solar it’s a good risk-return equation, what you offer in your country,” he said. “All those elements of additional cost were unexpected or not adequately quantified by anyone, including ourselves and the client.”