MELBOURNE: The Australian government is providing up to A$610miln (US$425mil) in cheap financing for Genex Power Ltd to build a pumped hydro project to help stabilise the country’s electricity grid.
Pumped hydro energy storage is the one renewable energy technology strongly supported by Australia’s conservative government, which has come under fire for backing coal and failing to craft a broad energy policy to shore up the country’s shaky grid, cut emissions and lower prices.
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