Australia’s renewable sector has recorded its strongest quarter of 2024, according to the Clean Energy Council’s latest quarterly report.
With new projects worth $3.3 billion reaching financial commitment in Q3, this quarter’s investment volume has already surpassed the entire of 2023,
The sector secured financial backing for ten renewable energy generation projects totaling 1405 megawatts (MW), marking the first time since late 2022 that new generation projects have exceeded one gigawatt in a single quarter.
Queensland emerged as a key investment destination, hosting the quarter’s largest projects.
The 376 MW Broadsound Solar Farm and the 285 MW Lotus Creek Wind Farm, the latter valued at $1.3 billion, led the state’s renewable energy expansion.
Battery storage continued its robust growth, with eight new projects reaching financial commitment.
These projects will add 1235 MW of capacity and 3862 megawatt-hours (MWh) of energy output to the national grid.
New South Wales secured the largest share, including the Orana Battery Energy Storage System, boasting 415 MW capacity and 1660 MWh output.
However, the Clean Energy Council warns that despite this progress, investment needs to accelerate to meet the Federal Government’s 2030 renewable energy target of 82 percent.
The country still needs at least 1.5 gigawatts of new generation projects committed each quarter, according to the report, calling for policy reforms to address investment barriers.
Construction activity also showed significant momentum, with ten generation projects and nine battery storage projects breaking ground. The quarter saw four projects commissioned, including Victoria’s 158 MW Mortlake South Wind Farm.
Year to date, Australia has secured financial commitment for 34 generation and battery storage projects, representing 3 gigawatts of new generation capacity and 2.8 gigawatts of storage capacity.
For more renewable and solar news, subscribe to ecogeneration.
