Australia, China to jointly invest in solar energy

By Park Sae-jin Posted : February 5, 2015, 16:32 Updated : February 5, 2015, 16:32

 

An Australian green investment bank will partner with a Chinese associate with the aim of encouraging more companies to invest in solar energy and, in particular, the use of photovoltaic panels, local media said on Wednesday.

Australia's Clean Energy Finance Corp, which has been heavily scrutinized by Australian Prime Minister Tony Abbott, will fund the majority of the initiative, and China's ET Solar will own, operate and maintain the instillation of panels.

According to research from market analysts Green Energy Trading, the amount of photovoltaic panels installed within Australia hardly increased throughout last year, driving the creation of this latest partnership.

This, in turn, will enable customers to buy the electricity at an agreed price, lower than the current price of power, the Sydney Morning Herald reported.

By Ruchi Singh
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