A report published on RenewEconomy stated that the company is reportedly raising $300 million almost exclusively from some private investors in Australia but it has centered its work on the more developed and better managed US market.
To date, the company has four major projects in North Carolina and California which are supported by big corporate buyers such as Stanford University and Duke Energy. It also contracted to acquire a portfolio of 124MW recently.
New Energy Solar CEO John Martin stated that the firm is seeking for projects in Australia as it aims for another $300 million and a public listing on the Australian stock exchange.
Australia is becoming one of the countries which continuously explore means and methods in order to expand and improve the renewables industry in the world. Sun Metals is presently establishing a 116MW plant in north Queensland while Telstra has recently contracted a 68MW solar plant and is now under construction.
In an interview with RenewEconomy, Martin said, “I think the behind the meter commercial and industrial sector is going to be large. They have to look after themselves (in terms of managing their electricity bills).”
He added that one 5MW project is too small to get investment from the fund, “but a portfolio for five of them starts to get interesting.” He also mentioned that some of the fund investors have previous experience supporting new technologies, specifically solar and battery storage developers and manufacturers, and the experience has not been good always.
“What these people want is solar and renewables, but investments that are sustainable. They want a stable low-risk investment and they want to be able to look at their investments, and show their grandkids that they are investing for a sustainable future.”
The full report can be found here.
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