The great Western Australian renewables fund is off, for now.
Synergy - WA's gas and electricity retailer - was in the market late last year talking to infrastructure types about setting up a renewables fund that would have bankrolled new solar projects in the state.
Colonial First State and offshore infrastructure investor DIF were among the parties that went deep into the process, and the exploratory talks went as far as running a formal process and setting up entities with the Australian Securities and Investments Commission.
However it is understood Synergy has shelved the "pathway with private equity" option, for the time being.
It means would-be renewables investors across the country are back on the look out for new projects.
It will be interesting to see whether any more turn up at AGL Energy, which last year set up the Powering Australian Renewables Fund with capital from the Future Fund and QIC Ltd.
While investment in renewables is nothing new, infrastructure investors and power retailers are showing renewed enthusiasm for the sector.
The interesting thing about AGL's fund was that it allowed investors to back greenfield and brownfield renewable energy investments, which reduced the risk for backers. It was also backed by a long-term energy supply contract to AGL.
