Australians are set to pay about $300 million in subsidies to a Saudi Arabian-owned solar farm that takes effect from the federal government’s energy reforms. This has also escalated the argument whether to cut the subsidies to keep the coal-fired power plants to stay in operation as reported by The Australian.
Key points in this development include:
- Abdul Latif Jameel Group is building a solar empire through its earnings as the sole distributor of Toyota in Saudi Arabia.
- Moree solar farm produces 150,000 of electricity per year and is to collect $50 million in payments in within 4 years.
- The subsidies will add to taxpayers support that includes $101.7 million grant from ARENA.
- A $60 million concessional loan will be coming from CEFC.