Australia has recorded its strongest year for large-scale renewables investment since 2018, with a total of $9 billion committed to new projects in 2024.
According to the latest figures from the Clean Energy Council, seven new large-scale renewable energy projects reached financial commitment in the fourth quarter, adding 1598 megawatts (MW) of generation capacity and attracting $2.4 billion in capital investment.
In total, 4346 MW of new generation capacity was approved for construction throughout the year, creating over 10,000 construction jobs.
Clean Energy Council Chief Executive Kane Thornton said the momentum aligns with Australia’s goal of achieving 82 per cent renewable energy by 2030.
“Clean energy already powers around half of our national energy needs. We have now seen two consecutive quarters of very healthy investment activity in 2024, which is the best we’ve seen since the investment highs of 2018, when our sector was delivering on the bi-partisan Renewable Energy Targe,” Thornton said.
The report also highlighted significant growth in energy storage investment, with 4029 MW / 11,348 MWh of new storage projects committed over the year, including 870 MW / 1936 MWh in the final quarter alone.
One of the standout projects reaching financial close in the last quarter was the 585 MW Goulburn River Solar Farm, which secured a contract under the first round of the Capacity Investment Scheme. Once operational, the project will generate approximately 1.3 TWh of renewable energy annually, enough to power 225,000 homes.
“The rebound in clean energy investment is great news for Australian households and businesses who urgently want to see the cost of their electricity bills fall,” Thornton said.
“Wind and solar combined with energy storage is the lowest-cost form of electricity generation. We need more of these clean power stations in the system, together with gas in the interim, to replace unreliable and expensive coal power before cheaper wholesale prices can flow through to people’s energy bills.”
According to Thornton, all new large-scale clean energy projects committed in 2024 are expected to create over 10,000 construction and installation jobs.
“These results show that clean energy investment is getting back on track, but it’s critical that we maintain focus. Investors need stable and predictable long-term policy settings to provide them with the confidence to invest in these critical infrastructure assets that Australia urgently needs.”
Currently, 88 renewable energy generation projects are either financially committed or under construction, representing 13.2 gigawatts (GW) of capacity.
Additionally, 52 committed storage projects totaling 10.5 GW / 26.3 GWh are in development. These pipeline projects represent at least $36.5 billion in capital investment.
Since 2017, 223 renewable energy and storage projects have been commissioned, adding 17 GW of installed electricity generation capacity and 2.1 GW / 3.7 GWh of energy storage, amounting to $33.5 billion in capital investment.
With investment momentum returning, industry leaders are calling for long-term policy certainty to ensure Australia’s transition to a low-cost, renewable-powered future stays on course.
