Australia’s financially committed renewable generation projects reach 1.6 GW in H1

This surpassed 2023’s total.

Renewable electricity generation projects in Australia have shown significant growth in 2024, with financially committed capacity reaching 1.6 gigawatts (GW) in the first half (H1), surpassing the total of 1.3 GW achieved in 2023.

According to Clean Energy Council’s (CEC) latest Renewable Projects Quarterly Report, 161 megawatts (MW) of solar projects and four hybrid projects totaling 193 MW have reached financial commitment.

TagEnergy's Stage 2 of the Golden Plains Wind Farm was the largest generation project to secure financial commitment in the second quarter, with a capacity of 577 MW. This project is also the third-largest onshore wind project to reach financial commitment in the country, following the MacIntyre Wind Farm (1,026 MW) and Golden Plains Wind Farm Stage 1 (756 MW).

CEC said new renewable projects reached $1.48b (A$2.2b) in the second quarter alone, led by Golden Plains Wind Farm Stage 2. Investment rose 74% to $740m (A$1.1b), but more is needed to reach 82% renewables by 2030, it added.

“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,” said CEC Chief Executive Kane Thornton.

“Strong investment in new renewable energy generation is critical to driving down power prices and ensuring energy security for Australia,” he added.

$1 = A$1.49