Renewable energy sector industry body Clean Energy Council’s (CECs) Q2 2024 report finds the first half of 2024 has overtaken the entirety of 2023 in terms of generation projects reaching financial commitment, with 1.6 GW added compared to 1.3 GW last year.
CEC’s Renewable Projects Quarterly Report for Q2 2024 report says 161 MW of solar projects reached financial commitment over the period, as well as four hybrid projects totalling 193 MW.
By state in Q2, Victoria and New South Wales (NSW) shared the most solar projects either in financial commitment or under construction, at 14 and 12 respectively. Total investment in the NSW projects was $2.5 billion (USD 1.6 billion) and in Victoria, $1.4 billion.
The total generation project capacity of all states is recorded at 5,516 MW, the bulk of which is in NSW (2,241 MW), Queensland, from 8 projects (1,248 MW) and Victoria (1,137 MW).
Image; Clean Energy Council
Solar generation projects that reached financial commitment in Q2 2024 include the Italy-headquartered Enel Green Power Australia Quorn Park Hybrid Project, with 80 MW of solar capacity and the Perth-based Zenith Energy 95 MW Kathleen Valley Hybrid Power Station comprising 16 MW of solar capacity.
Clean Energy Council Chief Executive Kane Thornton said strong investment in new renewable energy generation is critical to driving down power prices and ensuring energy security for Australia.
“With governments, regulators and industry working to overcome the barriers to new investment we remain confident that this will deliver the certainty necessary for further uptick in new investment in the near future,” Thornton said.
“It is pleasing to see investment in large-scale generation continuing to move in the right direction, but we are not yet at the levels we need to see,” Thornton said.
The report says an acceleration in financial commitments for generation projects will be required in the second half of the 2024 calendar year in order to achieve an annual run rate of 6-7 GW per annum of financial commitments for large-scale generation projects.
The rate is the same required to set Australia on the path to the federal government’s target of 82% renewable energy generation by the end of 2030.
Image; Clean Energy Council
Construction did commence in the quarter for 1.1 GW of generation projects, including Stage 2 of the 380 MW Aldoga Solar Farm and 94 MW Gunsynd Solar Farm (94 MW), both in Queensland, and the 5 MW Nhill Renewable Energy Facility in Victoria.
This was approximately 105% higher than the updated 12-month rolling average of 516 MW of generation projects which have commenced construction.
New large-scale energy storage projects lead the way with investment with four of the last five quarters adding over 2 GWh of newly financially committed projects.
Thornton said large-scale storage’s remarkable run, demonstrates the record-breaking 2023 was not a one-off.
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