I am finding out more about the Moreland project that I wrote about in my last post. Not only is Citipower (city cousin of Powercor) involved but also ARENA – the Australian Renewable Energy Agency.
ARENA was on Tony Abbott’s hit list but was saved from destruction by Clive Palmer, along with the Clean Energy Finance Corporation (CEFC). What, we may well ask, is the difference between ARENA and CEFC?
The difference is risk. CEFC was designed to function as a bank. To invest in proven technologies such as solar or wind and return a profit to the Federal Government. This is why Tony Abbott’s proposal, about nine months ago, that CEFC only invest in “emergent technologies” never stood a chance. It fundamentally broke the rules.
The higher risk ideas were always supposed to be funded by ARENA and that is why they have put money into Moreland. Here is the ARENA description of the project.