Neoen targets 10 GW portfolio with multi-billion dollar spend

Neoen is aiming to have 10 GW of large-scale solar and wind and battery energy storage capacity in Australia by the end of the decade as part of a multi-billion dollar forward investment plan.

The Paris-headquartered renewable energy giant revealed the target after announcing its portfolio of renewable energy generation and storage projects has reached 3.3 GW of capacity in operation or under construction in Australia, cementing its position as the country’s biggest renewable energy developer.

Neoen has in the past decade invested more than $4 billion (USD 2.59 billion) in Australian projects but Neoen Australia Managing Director Louis de Sambucy said the company is now planning a multi-billion dollar spend as it looks increase its portfolio to 10 GW of renewables capacity by 2030.

De Sambucy said the company’s ambition is to have highly competitive solar, wind and storage assets in every state, and to leverage this multi-technology portfolio to design the solutions of the future for the grid and for energy customers.

“We are strongly committed to continuing to play a decisive role in Australia’s clean energy future,” he said, noting that the company already has an extensive development pipeline in place.

Neoen’s portfolio of 20 assets in operation or under construction consists of 2 GW of generation capacity evenly split between solar and wind and 1.3 GW/2.8 GWh of battery energy storage. This accounts for approximately 45% of Australia’s grid-scale battery storage and 10% of both the country’s utility-scale solar and wind capacity.

The company’s Australian projects include the world’s first big battery – the now 150 MW/193.5 MWh Hornsdale Power Reserve in South Australia – and the 300 MW/450 MWh Victorian Big Battery, which is currently Australia’s largest battery.

Its PV projects include the recently commissioned 400 MW Western Downs Solar Farm in Queensland. Developed on a 1,500-hectare site near Chinchilla in Queensland’s southwest, the project will also include a 270 MW/540 MWh battery energy storage system.

Neoen said being an owner and operator is a central feature of the company’s approach, allowing it to invest in internal capabilities across the project lifecycle, including its operational control centre in Canberra which monitors the portfolio and manages its market trading.

Neoen Chairman and Chief Executive Officer Xavier Barbaro said the Australian market has helped to inform the company’s global operations.

“It is a model and an inspiration for us internationally, and it is a source of much of our innovation,” he said. “Neoen is a key player in Australia and Australia is Neoen’s number one country.”