Quarterly investment report: Large-scale renewable generation and storage, Q4 2025

Key findings include:

• Q4 2025 has outperformed all other quarters on record for commissioned renewable generation projects, as nine wind and solar farms were switched on, totalling 2.1 GW of new capacity
• The report found 63% of 2025's total operating capacity was delivered in the final quarter of the year.
• Australia’s battery surge continued outside the home, with utility-scale batteries also setting a record and adding 1 GW / 2.3 GWh of new capacity in Q4 2025.
• The final quarter of 2025 also saw an uptick in renewable generation investment, with five projects (1.2 GW) worth $3.5 billion reaching financial close - an uplift from more subdued investment in the prior three quarters.

While the end of 2025 finished stronger than it started, much work remains to be done to stimulate investment in large-scale renewable energy generation to keep Australia's handover from coal to renewables on track. This means streamlining planning and approvals processes and ensuring critical transmission infrastructure is built to get projects connected to the national electricity market.