The Australian Renewable Energy Agency chief executive Ivor Frischknecht said the federal funding body may not exist in 5 years if the rate of renewable investment continues at its current pace.
As ARENA and the Clean Energy Finance Corporation help fund new solar, wind, battery storage and pumped hydro projects across the country, Mr Frischknecht said the cost of renewable energy had made it a more fascinating option for investors.
The agency has committed funding up to 2022 but Frischknecht stated it would no longer be needed if battery storage and demand management matched the fast uptake of wind and solar in the National Electricity Market.
ARENA has allocated more than $1.2 billion to almost 300 projects, with another $800 million earmarked for the next 5 years. The CEFC has allotted $370 million to 10 large-scale solar projects in the past 2 years.
Frischknecht said while the federal Renewable Energy Target (RET) helped drive investment in the sector, he would not comment on whether a new target was needed after 2020.
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