ARENA reports record performance in 2022-23
With an established track record of supporting 663 projects with $2.25 billion in grant funding since its establishment in 2012, ARENA has played a pivotal role in unlocking a total investment of almost $9.75 billion in Australia's renewable energy industry.
The Australian Renewable Energy Agency (ARENA) has approved a record amount of funding for renewable energy projects in the financial year 2022-23, marking the beginning of its second decade of operations.
In the fiscal year 2022-23, ARENA approved an impressive $544.1 million in funding for a total of 60 renewable energy projects, collectively valued at over $3.5 billion. This achievement represents the highest single-year total for funding approvals since ARENA's inception in 2012.
ARENA outlined its strategic priorities in its recently published Corporate Plan. These priorities include:
- optimizing the transition to renewable electricity
- commercializing renewable hydrogen
- supporting the transition to low-emission metals, and
- decarbonizing the transportation sector
The agency's exceptional performance in 2022-23 can be attributed to the successful approval of funding in various competitive funding rounds. Notably, the Large-Scale Battery Storage (LSBS) funding round saw $176.4 million allocated to eight projects, while the Ultra Low-Cost Solar Research & Development (ULCS) funding round provided $41.5 million in funding to 13 projects. In addition, the HyGATE hydrogen funding round received $50 million in funding, supporting four projects.
Darren Miller, CEO of ARENA, noted, "At ARENA, we're helping to fast-track Australia's transition to net zero by 2050. The fact we're seeing more funding go out to projects shows that the industry is ready and able to tackle this challenge with us. Together, we're getting on with the business of renewables."
Looking forward, ARENA has several upcoming funding rounds and Federal Budget measures already in progress. These include the Community Batteries Round 1, the Hydrogen and Iron and Steel Research and Development Funding Rounds, the 2023 Focus Areas of the Driving the Nation Program, the Sustainable Aviation Fuel (SAF) Funding Initiative, the Industrial Energy Transformation Studies program, and the substantial Hydrogen Headstart program, which has $2 billion in funding allocated.