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“Wind and solar generation are only one part of the renewable energy industry, which itself represents only a portion of a wider the energy transition market that is rapidly gaining momentum,” Brousse said in his CEO’s review in the half-year results statement. These MLFs, or “transmission losses,” were highlighted as a major deciding factor behind John Laing’s decision to pull up stumps on wind and solar investment in Australia, and are just one of a number of rules and regulations that are considered no longer “fit for purpose” in the rapidly transitioning energy market. This prompted the company’s decision to suspend any new investment in Australian renewable generation until it has got more clarity around the Marginal Loss Factors (MLFs). We are instead focusing on the opportunities presented by the wider energy transition.”. Legal Notice Terms and Conditions Privacy Policy © pv magazine 2020. pv magazine Australia offers bi-weekly updates of the latest photovoltaics news. Through the 2010s, the company claims to have invested approximately £850 million (AU$1.657 billion) in 38 wind and solar projects across Europe and in Australia and the US.
Further information on data privacy can be found in our Data Protection Policy. When it comes to the wider energy transition, John Laing believes it is well-positioned to create better value for its shareholders by investing in technologies that enable high penetration of renewables, decarbonization of other sectors e.g. In Australia, John Laing’s problems were laid bare in August when it reported losses of some £66 million (AU$128 million) due to transmission factors on three of its renewable energy projects.
Notable among the latter is the listed construction giant Downer Group, which in January signaled a dramatic exit from the large-scale solar business, saying it was too hard. Victoria charts “dramatic plunge” in rooftop solar installs as Covid takes toll, BMW fills policy void with electric vehicle incentive of its own, for businesses, Mercedes shapes up to Tesla, plans six new EVs in “electric first” strategy, Hyundai to unveil first fuel cell truck and map path for hydrogen mobility.
“He was very clear – unless things change, he was going to possibly bypass australia and an investment destination.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. ×. John Laing Group (“John Laing”), the international active investor and partner behind responsible infrastructure is delighted to announce the opening of Australia’s largest Correctional Centre, in the Clarence Valley, Northern New South Wales. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
To find out more, please see our Data Protection Policy. Required fields are marked *. The firm made the decision after it was forced to write down the value of its European and Australian projects. electrification of transport, and increased energy efficiency.
John Laing writes down $120 million from value of renewable energy projects due to transmission constraints, and puts a halt to new investments in Australia as a result. The Finley Solar Farm is one of John Laing's renewable energy investments in Australia. T:+44 (0)20 7901 3200 F:+44 (0)20 7901 3520 E: enquiries@laing.com Company Secretary. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled. To find out more, please see our Data Protection Policy. Tesla raises Powerwall 2 home battery price in US – will Australia follow?
We measure how often our emails are opened, and which links our readers click. In Australia, John Laing’s problems were laid bare in August when it reported losses of some £66 million (AU$128 million) due to transmission factors on three of its renewable energy projects. “We re-assessed the risk/return profile of standalone wind and solar generation assets during the second half and have decided that we will make no further new investments in this area,” Olivier Brousse, John Laing’s CEO, said. We send newsletters with the approximate frequency outlined for each edition above, with occasional additional notifications about events and webinars.
The fallout from this, coupled with lengthy connection delays and the uncertainty around the lack of a large-scale renewables policy beyond the 2020 RET, is taking its toll on investment in big wind and solar in Australia, which according to Bloomberg New Energy Finance plunged by 60 per cent in 2019. Please be mindful of our community standards. And it has claimed scalps and led other major investors to abandon Australia for greener pastures.
The good news, if you were to go looking for it, is that John Laing has not written off Australia or its renewable energy sector, altogether, but is – in Brousse’s words, “instead focusing on the opportunities presented by the wider energy transition.”. John Laing Group plc is a British investor, developer and operator of privately financed, public sector infrastructure projects such as roads, railways, hospitals and schools through Public-Private Partnership (PPP) and Private Finance Initiative (PFI) arrangements. As part of this effort, the company has joined the Hydrogen Council, a global group of industry and financial players focused on fostering the contribution of hydrogen-based technologies and solutions. In Australia, the major headwind was singled out as transmission losses, or “new projects coming online faster than the ability of the grid operator to increase the capacity of the transmission lines,” as Brousse put it. As a member of the Clean Energy Investment Group, alongside 24 other leading renewable energy investors, representing investments of more than 6.5 GW of installed capacity and a development pipeline in excess of 10 GW in Australia, John Laing has lobbied for a change in the way transmission losses were calculated and pointed to the adverse effect the current rules have on investor confidence.
“The impact was material. Optus Stadium, Perth, Australia: Australia: AUS$902 million: Western Australian State Government: 21 August 2014 If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.
But of course, that change did not come. This content is protected by copyright and may not be reused. Evoenergy turns to renewable gas as ACT's zero emissions target looms, Tasmania sets world-leading target of 200 per cent renewables by 2040. She has been with pv magazine since March 2017, writing for the International and Australian sites, and the global print magazine. We also offer comprehensive global coverage of the most important solar markets worldwide. AEMC) decided against a new rule on calculating MLFs, indicative MLFs for the July 2020 – June 2021 period, UNSW researchers calculate the inevitability of green hydrogen, World’s largest solar plant goes online in China, Green Gold Energy proposes two large-scale solar farms along SA-NSW Interconnector, Nextracker’s bifacial tracker selected for 460 MW Western Downs Green Power Hub, Synergy seeking 100 MW of storage to follow the sun.
Clare Underwood. To provide a secure and reliable service, we send our email with MailChimp, which means we store email addresses and analytical data on their servers.
It lobbied intensely for changes, along with 24 other wind and solar investors with more than $15 billion of projects in the pipeline.
“In H1 last year our wind and solar assets were affected by industry-wide issues, specifically in Australia and Europe,” said John Laing CEO Olivier Brousse in comments during the webcast.
Victoria state energy minister Lily D’Ambrosio told RenewEconomy’s Energy Insiders podcast last month that she had had first-hand experience of the frustration being felt by renewable energy investors. Select one or more editions for targeted, up to date information delivered straight to your inbox. Save my name, email, and website in this browser for the next time I comment. This is a crazy situation and we can’t allow it to continue.”. The news delivers a fresh blow to the Australian large-scale renewable energy market, already reeling from a combination of zero federal government policy support, major development delays around grid congestion and connection hurdles, and revenue compromised by changes to marginal loss factors – calculations of how much of a generator’s output is credited by the market operator. Hold Ctrl or Cmd to select multiple editions. Sophie has been writing about clean energy for more than a decade. John_Laing_Group_plc, 1 Kingsway, London WC2B 6ANUnited Kingdom, T:+44 (0)20 7901 3200F:+44 (0)20 7901 3520E: enquiries@laing.com, T: +44 (0)20 7901 3200E:clare.underwood@laing.com, T: +44 20 7420 3186E: JohnLaing@teneo.com, Level 1615 Castlereagh StreetSydney NSW 2000AustraliaT: +61 2 8999 9104E: enquiry-APAC@laing.com, Level 15459 Collins StreetMelbourne VIC 3000AustraliaT: +61 2 8999 9104E: enquiry-APAC@laing.com, WTC Schiphol Airport (D building, 6th floor)Schiphol Boulevard 2531118 BH SchipholAmsterdamThe NetherlandsTel: + 31 (0) 20 808 1993E: jos.heemelaar@laing.com, Azrieli Sarona Tower (LABS – 58th floor)121 Menachem Begin RdTel AvivIsrael, Tel: +972 50 787 0305E: Eyal.Almog@laing.com, 99 Park AvenueSuite 1710New York, NY 10016, T: +1 213 784 0409E: enquiry-NA@laing.com, 725 South Figueroa StreetSuite 4025Los Angeles, CA 90017, 4th Floor133 King Street EastToronto, ONCanada, M5C 1G6, Carrera 12A # 78-40Piso 5, Oficina 114Bogotá, Colombia, Tel: +57 1 508 7658E: enquiry-latam@laing.com, The Company, incorporated under number 5975300 and registered in England and Wales, has its Registered Office at 1 Kingsway, London WC2B 6AN, website by The Flavour © John Laing Group plc 2020.
UK-based infrastructure investor John Laing will make no further investments in standalone solar and wind, following the write-downs taken on its European and Australian projects. Select one or more editions for targeted, up to date information delivered straight to your inbox. “Just last week we had a major investor in Australia who came into the office to express his great frustration, in terms of regulatory barriers, the physical barriers in being not being able to hook up new projects,” D’Ambrosio said. This website uses cookies to anonymously count visitor numbers.
last week opted to side with incumbent generators, according to Bloomberg New Energy Finance plunged by 60 per cent, in January signaled a dramatic exit from the large-scale solar business, told RenewEconomy’s Energy Insiders podcast last month, said in his CEO’s review in the half-year results statement, Tweed Shire taps wind and solar PPA for more than half its power needs. We also offer comprehensive global coverage of the most important solar markets worldwide. Your email address will not be published. And while Australia was not alone in the too-hard basket, it did rate a special mention from John Laing executives in the company results webcast on Tuesday, for the “material impact” its particular set of problems had had on the company’s bottom line.
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