Australia has seen its best year for large-scale renewable energy investment since 2018, finishing the year strong in 2024 with $9 billion in total capital investment committed to projects that will help Aussies keep the lights on, according to new figures released by the Clean Energy Council today.
The latest Quarterly Clean Energy Investment Report found seven new large scale renewable energy projects, representing 1598 MW of new generation capacity and $2.4 billion of capital investment were financially committed in the fourth quarter of 2024.
Clean Energy Council Chief Executive, Kane Thornton, said the strong quarterly result was in line with the pace required for Australia to hit its target of 82 per cent renewables by 2030.
Clean energy already powers around half of our national energy needs. We have now seen two consecutive quarters of very healthy investment activity in 2024, which is the best we’ve seen since the investment highs of 2018, when our sector was delivering on the bi-partisan Renewable Energy Target.Kane Thornton Clean Energy Council Chief Executive
In total, 4346 MW of new generation capacity was greenlighted for construction over the course of 2024, worth over $9 billion in capital value, along with over 10,000 construction jobs.
The last calendar year also saw another outstanding result for energy storage investment, with 4029 MW / 11,348 MWh of new projects committed over the year and 870 MW / 1936 MWh in the fourth quarter.
The 585 MW Goulburn River Solar Farm, which was successful in securing a contract under the first round of the Capacity Investment Scheme, was one of the projects to reach a final investment decision in the final quarter of 2024. Once built, the solar farm will produce approximately 1.3TWh of renewable energy annually, powering the equivalent of 225,000 homes.
“The rebound in clean energy investment is great news for Australian households and businesses who urgently want to see the cost of their electricity bills fall,” he said.
Wind and solar combined with energy storage is the lowest cost form of electricity generation. We need more of these clean power stations in the system, together with gas in the interim, to reach our target of replacing unreliable and expensive coal power, before cheaper wholesale prices can start to flow through to peoples’ energy bills.Kane Thornton Clean Energy Council Chief Executive
“It’s also good news for jobs, with all the new large-scale clean energy projects committed in 2024 standing to deliver over 10,000 new construction and installation jobs.
“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,” he said.
There are currently 88 renewable electricity generation projects which have either reached financial commitment or are under construction, representing 13.2 GW of capacity in the pipeline. There are also 52 committed storage projects currently in development, equivalent to 10.5 GW / 26.3 GWh in capacity / energy output. These pipeline projects represent at least $36.5 billion worth of capital investment
Since 2017, 223 generation and storage projects have been commissioned, representing 17 GW of installed electricity generation capacity and 2.1 GW / 3.7 GWh of energy storage. These commissioned projects represent at least $33.5 billion worth of capital investment.
ENDS
For more information or to arrange an interview, contact:
Liam Straughan
Clean Energy Council Media Officer
+61 409 470 683