In Q3, Australia attracts $3.3 billion in new RE investment

There was a rebound from onshore wind projects.

Australia has recorded over 1,400 megawatts (MW) of new commitments for large-scale renewable energy, valued at $3.3b, in the third quarter (Q3) of 2024.

According to the Clean Energy Council (CEC), latest data reflect “the healthiest investment data for new renewable energy generation projects since late 2022, indicating that conditions were gradually improving for the sector.”

One of the notable improvements in Q3 was the rebound from onshore wind projects, with 1,758 MW of new capacity committed in 2024 to date.

Investment in energy storage projects also continued to increase, with eight projects setting a new 12-month quarterly average record with 1,235 MW of new capacity reaching financial commitment. This was a 95% increase from last year.

“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,” said CEC Chief Executive Kane Thornton.

Over 40% of Australia’s electricity supply now comes from renewable energy, including hydro, solar and wind. Renewable energy share is expected to climb to almost 50% by the end of next year, based on the projects currently under construction.