Battery boom and rebound in wind projects put renewables target back on track
A record amount of new battery storage capacity and a rebound in onshore wind projects have helped deliver the “healthiest” quarterly investment numbers for new renewables in Australia in more than two years.
More than 1,400 MW of new large-scale solar and wind energy generation projects, worth $3.3 bn in new investment, were committed in the third quarter of 2024.
Investment in energy storage saw eight projects with 1,235 MW of new capacity reach financial commitment for the quarter – a 95% increase on last year.
This brings the pipeline of renewable energy projects around Australia to a total of 89, representing 13.9 GW of capacity.
And in the case of energy storage, a total of 49 projects are in the pipeline from financial commitment onward, equivalent to 9.7 GW.
Clean Energy Council chief Kane Thornton says if this level of new investment continues, Australia could reach its target of 82% renewable generation by 2030.
Among the eight big battery projects to achieve financial commitment in the third quarter of 2024 is the 415 MW Orana BESS, being built by Akaysha Energy in NSW.
More than half of the eight battery projects to lock in finance in the quarter are the energy storage components of hybrid solar or wind projects, rather than stand-alone battery systems.
Onshore wind farms, too, have had a good quarter, continuing on their comeback from a worryingly quiet 2023 to reach a combined 1,758 MW worth of new projects financially committed so far this year.