New Energy Solar recognised for eco innovation

New Energy Solar Stanford project in California

New Energy Solar has been recognised as an ABA100 winner in the Australian Business Awards 2017.

The award in the Eco Innovation category recognised New Energy Solar’s commitment to developing large-scale solar generation infrastructure to provide a new investment opportunity for Australians that combines an infrastructure-like risk profile with positive social impact.

“We are delighted to have been recognised as an ABA100 Winner for Eco Innovation in the Australian Business Awards,” New Energy Solar CEO John Martin said.

“For a long time, investors faced a choice between investing for returns or for social good, but this has changed.

“Solar energy is now price-competitive with fossil fuel energy and New Energy Solar provides an opportunity for investors to achieve both strong returns and positive social impacts.”

Established in 2015, New Energy Solar has developed a portfolio of utility-scale solar farms that have contracted revenue flows with blue chip counterparties, such as Stanford University and Duke Energy.

Currently, New Energy Solar has invested in four solar farm projects in the United States, but has committed to acquiring a portfolio of solar and renewable energy assets across the globe.

New Energy Solar’s four solar farms have a combined capacity of 226MW, sufficient to power 52,000 homes.

“Energy users are quickly recognising the advantages of solar power, both in terms of cost but also in responding to the environmental challenges posed by fossil fuel generated energy,” Mr Martin said.

“Growing demand and significant advances in solar cell technology are paving the way for major investment in the solar and renewable sector and New Energy Solar is an innovative vehicle for sustainable investment in this energy transition, which is gaining momentum each year.”

New Energy Solar is primarily focused on the US, Australian and Asian markets where declining costs are positioning solar electricity infrastructure as increasingly compelling.

In the United States, the installation of solar and wind generated power is growing significantly with 10 per cent of total US electricity generation derived from these sources as at the end of March this year.

In Australia, investment in renewable energy is also growing with research indicating at the end of the second quarter of 2017 there was 317MW of operational utility-scale solar photovoltaic with a further 986MW under construction.

Similarly, in Asia governments and the market are increasingly supportive of solar energy infrastructure.