In a statement released last week, ARENA said its $1 billion investment in more than 230 projects, fellowships and scholarships was “paving the way for a more diverse energy future for Australia”

According to ARENA, each of these projects is producing valuable knowledge and outcomes that are being shared with the energy industry to help overcome challenges and advance renewable energy in Australia.

The agency pointed to the South Australian Centre for Geothermal Energy Research’s project as an example, saying the project has produced a reliable tool for accurate, pre-drilling predictions of geothermal energy reservoir characteristics.

This, ARENA said, could lead to a significant improvement in geothermal energy exploration and development.

Meanwhile, a University of Newcastle project has created a working prototype of a thermionic energy converter, which directly converts heat generated by concentrated sunlight into electricity.

Another project delivered by CSIRO in partnership with Abengoa has provided "many valuable insights" by exploring cost-effective ways to collect and store thermal energy at high temperatures.

ARENA said it is on the lookout for high-value projects to invest in and will continue to fund new projects to make renewable energy more affordable.