Investors have reason to be positive, according to the report, with Australia “home to a number of noteworthy advantages, from a reputable legal system to climate and topography that are ideal for solar, wind and water projects”.

Such a high degree of legal certainty was considered relative to other markets both in the Asia-Pacific region and globally.

Ninety-three per cent of respondents considered Australia’s government policies to be supportive in the year ahead, with 81 per cent flagging political and regulatory stability as a top advantage, and 74 per cent considering legal certainty as a driver of the investment.  

Considering the confidence as “somewhat surprising”, the report acknowledged energy as a “political battleground” nationally.

It went on to caution that renewable energy participants need further policy reform to facilitate Australia’s transition to a new-generation fleet.

“It is likely that the positive respondent views are being shaped by the actions of state and territory governments, rather than federal policy,” it tempered, highlighting the setting of ambitious renewable energy targets in most states.

The report also showed that the deal value for renewable energy transactions sat at a record $7.56 billion in 2018 with 13 deals in total, an almost 10-fold monetary increase on the 2017 figure, and in terms of deal volume, more than twice the average each year over the 2010–16 period.

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