Australia back in renewable energy investment top 10 says Ernst & Young
Australia has made its way back into the top 10 list of the world’s best countries to invest in renewable energy according to a recent report conducted by Ernst & Young.
The Renewable Energy Country Attractiveness Indices (RECAI) shows that Australia has climbed three spots in the rankings to reach 10th place.
The report notes that Australia’s Renewable Energy Target is responsible for the rise in activity from the renewable sector but highlights the fact that a great deal of this is coming from short term state-level tenders and pre-sale off-take agreements. These tenders do not always convert into long term power purchase agreements (PPAs) for renewable energy projects.
According to Energymatters.com: “This mismatch between the 3-5 year PPAs on offer and the conventional 15-20 year agreements that developers consider bankable in other parts of the world is holding back a potential “mountain of global cash” for Australia, according to EY Oceania Power & Utilities Leader Matt Rennie.”
State governments are increasingly forging their own renewable-based economies according to Rennie, but support for investors needs to entrench in policy.
“This investor appetite for renewable energy projects puts Australian energy retailers in the box seat,” Rennie says.
The report notes the sector is now left with around 5GW to 6GW of renewables to build to meet the 33TWh RET by 2020; a challenge that Australia’s Clean Energy Regulator recently stated can be achieved.
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Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.