"PACIFIC Hydro will transfer about $1 billion of development offshore over the next decade as a result of the Federal Government's decision to maintain a 2 per cent mandatory renewable energy target (MRET).
Australia's largest renewable energy company yesterday said the Government had made it clear it would not budge on the 2 per cent target any time soon, despite international pressure to cut carbon dioxide emissions.
As a result Pacific Hydro has moved to accelerate its offshore plans at the expense of domestic development.
"We're planning on the MRET staying at 2 per cent for some time so we have a thrust into Chile and we're looking now at a wind project and a hydro project in Europe and at wind and hydro projects in Canada," Pacific Hydro managing director Jeff Harding said after the company's annual general meeting yesterday."
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