Sorry Scott - you said - [Did you find any indication of subsidies? I found none.] - The references to ARENA a taxpayer funded body show RayGen are getting grants or cheaper loans than they could get from commercial banks or other commercial sources.
you also said [naturally AEMO wouldn't have the Raygen projects on the books yet... they're yet to be built.] but the Raygen Newbridge PV Ultra plant has been built and running for years. Here is a quote from their www page -https://raygen.com/projects/pv-ultraQuote - "RayGen's project in Newbridge, Victoria, represents the world-first deployment of PV Ultra. PV Ultra has been providing electricity to local agribusiness since 2015."
here are other quotes from further down page -"The Newbridge project was delivered in two stages:Stage 1: In 2015, RayGen developed a 250KW pilot project with support from the Australian Renewable Energy Agency.Stage 2: In 2018, RayGen deployed 2x 250kW PV Ultra systems to expand the Newbridge project. RayGen built this project with support from the Australian Renewable Energy Agency and the Victorian Government's New Energy Jobs Fund."
So RayGen has sourced subsidised money from Fed and State sources.
Here is the image from the RayGen www front page comments added-
