CEC Australia counts the country to have closed financial commitments worth AUD 9 billion for renewable energy generation projects in 2024
It includes 1.589 GW green signaled in Q4 comprising 4 solar and a single hybrid solar+storage project and 2 onshore wind facilities
The country’s current pipeline of financially committed large-scale renewable energy projects represents 13.2 GW capacity with another 10.5 GW/26.3 GW of storage
Australia saw over AUD 9 billion ($5.73 billion) in new financial commitments for 4.346 GW of new large-scale renewable energy generation capacity in 2024, making way for their construction, more than triple the total amount in 2023, says the Clean Energy Council (CEC). These represent, it claims, the best annual investment figures since 2018.
Onshore wind was a big winner as it secured finances for 2.218 GW last year after no projects reached this stage in 2023. Investment commitments flowed in for 1.918 GW of large-scale solar in 2024, an increase compared to 1.314 GW in 2023.
On the whole, financial commitments since 2017 totaled 11.65 GW of onshore wind and 15.18 GW for utility-scale solar, according to the organization in its latest Quarterly Investment Report: Large-scale renewable generation and storage Q4 2024.
In Q4, 1.589 GW of new renewable energy generation projects achieved a financial close worth AUD 2.4 billion ($1.53 billion), led by AUD 880 million ($560 million) for the Goulburn River Solar Farm. Owned by British solar PV developer Lightsource bp, the 585 MW DC/450 MW AC Goulburn River Solar Farm is one of the winning projects under the 1st round of the country’s Capacity Investment Scheme (see Australia Selects Over 6 GW RE Capacity Under CIS Tender I).
These 7 large-scale projects worth 1.589 GW comprise 4 solar, 2 onshore wind, and a hybrid solar and battery project.
2024 was an ‘outstanding’ year for energy storage too, as the report counts commitments for 4,029 MW/11,348 MWh of new projects, including 870 MW/1,936 MWh within Q4.
CEC says this strong quarterly result is in line with the pace required for Australia to hit the 82% renewable energy target by 2030.
“These results show that clean energy investment is getting back on track and it’s critical that we don’t lose focus or change direction now on a strategy that is working. Investors need stable and predictable long-term policy settings to provide them with the confidence to invest their money in these critical infrastructure assets which Australia urgently needs,” said CEC Chief Executive Kane Thornton.
Since 2017, the country has seen the commissioning of 17 GW of renewable energy generation and 2.1 GW/3.7 GWh of storage capacity with 223 projects, altogether representing at least AUD 33.5 billion ($21.3 billion) worth of capital investment.
Now, CEC estimated 88 renewable energy projects have reached financial commitment or are under construction, representing 13.2 GW capacity in the pipeline. Another 52 storage projects in the pipeline represent 10.5 GW/26.3 GW of capacity. All of these represent capital investments worth AUD 36.5 billion ($23.2 billion), it adds.
The maximum volume of these 140 projects is coming up in Queensland with 4.46 GW combined generation and storage projects, followed by 3.75 GW in New South Wales, and, 3.27 GW in Victoria.
The complete quarterly investment report from the CEC is available for free download on its website.