More than 1.4GW of new large-scale renewables projects worth $3.3 billion in new investment were committed in the third quarter of 2024, according to the Clean Energy Council’s latest Quarterly Renewables Report.
Clean Energy Council CEO Kane Thornton says the report reflects the healthiest investment data for new renewable energy generation projects since late 2022.
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“This is terrific news for energy consumers across the country, who will benefit from the next generation of power plants coming online, putting downward pressure on electricity prices,” Thornton says.
“If we sustain the level of investment for new wind and solar power plants which we have seen in the third quarter of this year, we can get back on track to achieving Australia’s target of 82% renewable energy generation by 2030.”
One of the highlights of the new investment data is the rebound from onshore wind projects, with 1.758GW of new capacity committed in 2024 to date.
Investment in energy storage projects also continued to power ahead, with eight projects setting a new 12-month quarterly average record with 1.235GW of new capacity (3.862GWh of energy output) reaching financial commitment—a 95% increase compared to the same time during 2023.
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Thornton says, “The increasing activity indicates that the challenging economic conditions are beginning to ease and the hard work by government agencies and industry to address a wide range of legacy issues across our grid, planning and institutional settings, are starting to bear fruit. There is a lot more work still to be done, but the signs are encouraging.”
Over 40% of Australia’s electricity supply now comes from renewable energy, including hydro, solar and wind, with the renewable energy share expected to climb to almost 50% by the end of next year.
