The Australian Renewable Energy Agency (ARENA) has issued its Annual Report for 2023-24, highlighting an increased funding commitment of $392.5 million and double the number of projects committed the previous year.
Related article: ARENA kicks off first phase of $1B Solar Sunshot program
ARENA’s funding was underpinned by the project assessment and approval process for two funding rounds:
- Community Batteries Round 1 — Conditional approval of up to $143 million to support the roll out of up to 370 community batteries across Australia
- Hydrogen and Iron & Steel Funding Rounds — $59.1 million in funding across 21 research projects to support research and development and commercialisation activities covering renewable hydrogen and low emissions iron and steel.
ARENA CEO Darren Miller says, “ARENA’s impact is based on collaboration, funding and knowledge sharing. An essential part of that working model is the strong partnership we have built with industry, regulators, investors and innovators.
“Whether that be at the research and development stage, or through to deployment, it’s important that the public and private sectors work together to maximise the benefits of renewable energy for Australian consumers and the economy.”
ARENA opened new programs and funding rounds in 2023-24 including:
- Hydrogen Headstart Round 1 — $2 billion in funding
- Solar Sunshot — $1 billion in funding
- Battery Breakthrough Initiative — $500 million in funding
- Powering the Regions — Industrial Transformation Stream Round 1 — $150 million ($400 million total across the program)
- Regional Microgrids Program (including the First Nations Community Microgrids Stream) — $125 million
- Sustainable Aviation Fuel Funding Initiative — $30 million
- National Industrial Transformation Program — $40 million.
Related article: ARENA funding to drive heavy vehicle electrification
Established by the Australian Government on July 1, 2012, ARENA has supported 735 projects with $2.61 billion in grant funding, unlocking a total investment of almost $12.63 billion in Australia’s renewable energy industry.
