Where to now for the renewable energy industry after the introduction of a $23 per tonne carbon tax?
A report prepared last month by the Energy Users Association of Australia found that to hit the renewable energy target, electricity generated from wind farms will have to increase six fold in less than a decade and require approximately $30 billion of investment by 2020.
$30 billion is four times the amount invested in electricity generation in Australia over the past decade.
Long term modelling by the Treasury released as part of the carbon tax package shows the renewable industry will grow by 18 per cent by 2050.
Experts predict that there will be a large funding gap, with private industry aiming to meet the targets and sustain the forecasted renewable growth.
It is understood 4 bids were received last week for a 75 per cent stake in the Tasmanian wind farms Woolnorth, Bluff Point and Studland Bay.
Some of the interested parties were RREEF (a Deutsche Bank managed infrastructure fund), Marubeni, Samsung, Mitsubishi and Powertek.
The transaction is said to be finalised on 22nd Dec 2011.