The sun beats down upon the necks and arms of 200 people facing a brick building by the banks of Melbourne's Yarra River. The rays don't seem to worry the onlookers. The sun's power is, after all, the reason they're here.
The building houses Solar Systems, a company that was, until recently, developing a way to put sunlight to good use. A world leader in its field, the renewable energy start-up spent 15 years and $150 million designing and demonstrating a 154-megawatt solar farm in Mildura that would have produced electricity for 45,000 homes.
Then the dark day came. Short of funds to keep afloat, Solar Systems sank into receivership on 7 September. Now more than 100 jobs are gone and intellectual property decades in the making is at risk. So engineers and environmentalists have come to show support, the sun on their necks a reminder of what they stand to lose.
The protestors say the government is letting Solar Systems slip away — and with it the chance of a home-grown renewables sector. Energy and Resources Minister Peter Bachelor has distanced himself from the collapsed company. A spokesperson for his office told New Matilda that 'the Government supports the demonstration of technology, but is not in the business of giving loans to private companies with taxpayers' money'.
History begs to differ. Several federal and state governments have rescued large projects left floundering in financial straits.
In 2001, when the Australian Magnesium Corporation failed to raise enough equity for a $1.7 billion magnesium mine and smelter, the Federal Government agreed to guarantee a $100 million loan. The Queensland Government then launched its own lifeline, offering $100 million to secure dividend payments for investors.
Two years later the smelter had been dogged by cost blow-outs and was on the verge of collapse. Queensland's premier at the time, Peter Beattie, clung to his vision, saying 'this project is worth fighting for'.
Despite the cooler climes, southern politicians display the same hot-headed stubbornness to pursue a pet project. In June this year, the $3.5 to $4 billion Wonthaggi desalination plant stalled because the two bidding consortiums had trouble securing funds during the financial crisis.
When the new consortium AquaSure was announced, the government offered to be 'lender of last resort', effectively guaranteeing the plant's construction. Victorian Premier John Brumby had such faith in the project he hazarded the biggest public private