Australia maintained a steady investment in renewable energy, with projects totaling 1,405 MW in capacity and valued at AUD 3.3 billion (USD 2.17bn/EUR 2.03bn) reaching financial close in Q3, according to the Clean Energy Council's (CEC) latest Quarterly Renewables Report. The milestone surpasses the annual total capacity committed in 2023, marking the first time investment exceeded the 1-GW threshold since Q4 2022.
The quarter's largest project by capacity is the 376-MW Broadsound solar farm in Queensland, while the 285-MW Lotus Creek wind farm, also in Queensland, received the largest financial commitment at AUD 1.3 billion.
Investment in energy storage projects also surged, with eight projects reaching financial close, representing 1,235 MW of capacity and 3,862 MWh of storage. These projects attracted a minimum of AUD 1.2 billion in investment, though financial data for some projects remain undisclosed.
Despite economic headwinds, CEC Chief Executive Kane Thornton noted signs of easing challenges, with the quarter seeing ten renewable energy projects totaling 1.2 GW commence construction, led by Iberdrola's Broadsound solar park and CS Energy's Lotus Creek wind farm. Additionally, nine battery projects began construction, expected to add 1,385 MW/3,432 MWh of storage, a quarterly record.
To meet Australia's 82% renewable generation goal by 2030, the CEC emphasized the need for streamlined permitting, estimating 6-7 GW of new renewable capacity should be installed annually, requiring quarterly commitments of at least 1.5 GW.
