Two solar farms in New South Wales have their financial backing secured, but there is some trepidation around the future of the state’s renewable investment.

First Solar is building the Nyngan and Broken Hill Solar Farms in western New South Wales, but says it does not know where its next project will be, given that the Federal Government is reviewing its Renewable Energy Target.

Partial funding has come from the Australian Renewable Energy Agency (ARENA), which is reportedly up for review as well.

First Solar Regional Manager for Asia Pacific, Jack Curtis, says it breeds uncertainty.

A statement from ARENA this week indicates it is unsure about its own future.

“The Australian Government has been clear that the fiscal outlook is tough and savings have to be achieved to return the Budget to surplus,” the written statement said.

“Given the tight fiscal outlook, the future of ARENA’s funding is unclear.

“It is business as usual for ARENA, we are continuing to manage our existing projects and to assess and progress proposals we receive in accordance with our procedures and decision making processes.”

The Clean Energy Council, peak body for the renewable energy sector, says it hopes the RET will remain, and that mining companies will look to renewable investment as a potential earner as commodity prices drop.

“I think the future is going to be really interesting because it's got a great resource in wind and solar and they provide a low-cost form of energy to continue to support things like mining and manufacturing and other important parts of the Australian economy,” CEC’s Kane Thornton said.

“So it's not surprising that a lot of these mining companies are actively looking at things like wind and solar in particular as a way to provide them a reliable source of lower cost energy and they can avoid the pain associated with higher gas prices and higher diesel prices.”