Moree Solar Farm tops NEM capacity factor leaderboard

The 56 MW Moree Solar Farm in New South Wales recorded the highest capacity factor of all solar farms in the National Electricity Market in 4Q 2025, according to the BloombergNEF Australia Power Market Quarterly report.

March 5, 2026 Ev Foley

Moree Solar Farm

Image: FRV Australia Group

The decade-old 56 MW (70 MWp) Moree Solar Farm, owned by Sydney-headquartered developer FRV Australia Group, recorded the highest capacity factor of all solar farms in the National Electricity Market (NEM) in 4Q 2025, according to United Kingdom (UK)-based BloombergNEF (BNEF) Australia Power Market Quarterly (APMQ) report.

Recorded as operating at an equivalent of 35.9% of its peak capacity, the Moree Solar Farm is located 12 kilometres south of the northern NSW town of Moree, which is 632 kilometres northwest of Sydney.

BNEF notes the lowest capacity factor across the state, during the quarter, was the 55.9 MWdc Manildra Solar Farm, located approximately 45 kilometres west of Orange, NSW, and owned by Thailand-headquartered energy company Banpu Public Company Limited (PCL).

In the same period, the state’s fleet-wide capacity factor was 24.4%, down from 27.2% in Q4 2024, but slightly higher than the 23.9% NEM fleet-wide capacity recorded, down from 25.4% a year prior.

The impact of rooftop solar sending power prices below zero forced solar farms across the NEM to curtail output.

“Across the entire NEM, average intraday arbitrage was A$124.36/MWh in 4Q 2025, a 66% year-on-year decline, driven by milder weather, fewer major supply disruptions, and the increasing penetration of renewable energy and battery storage in the power system,” the report says.

“The ever-increasing penetration of renewable energy has also led to a growing share of negative power prices in the NEM – which occur when supply exceeds demand and flexibility. In 4Q 2025, power prices were below A$0/MWh 29% of the time across the NEM, up from 22% in 4Q 2024.”

The report adds that Australia’s growing fleet of wind and solar energy supplied 45% of the NEM in Q4 2025, up from 39% in Q4 2024, and when including hydro, saw renewables supplying 50% of the quarterly share of generation, exceeding coal, which made up 47% of total generation in Q4 2025.

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