Notably, there are currently 121 power generation and energy storage projects with funding secured or under construction, representing 12.3GW of power generation capacity and 8.4GW/18.8GWh of energy storage projects.
Clean Energy Council chief executive Kane Thornton highlighted the “encouraging signs” that Australia’s renewable energy market is moving in a positive direction and on the “path to recovery”, supported by groundbreaking efforts from the Federal Government.
“The groundbreaking commitments made by the Federal Government in recent months are designed to provide certainty to renewable energy investors, which we hope will spur the return of large-scale generation that we need,” Thornton said.
“These results are an encouraging sign that Australia’s clean energy transition is moving in a positive direction and on the road to recovery.”
Energy storage projects secured financial investment commitments of more than A$1 billion (US$660 million) for the fourth consecutive quarter. According to the report, four storage projects worth 760 MW/1,640 MWh received financial commitments.
The largest of these projects is the 300MW/650MWh Mortlake Station Battery in Victoria, to be developed by Australian electricity retailer Origin Energy. The 100MW/200MWh Mannum Battery Energy Storage System and the 110MW/290MWh Templars Battery Energy Storage System in South Australia have also reached funding.
Two energy storage projects also began construction in the first quarter of 2024, including Synergy’s 500MW/2,000MWh Collie Battery energy storage system in Western Australia and the 250MW/500MWh Swanbank Battery in Queensland.
Meanwhile, the 50MW/100MWh Bouldercombe battery was the only storage project to become operational in the first quarter.
Commenting on the energy storage results, Thornton said: “Investment in large-scale storage continues to perform very well following a record year in 2023. It’s clear that renewable energy enhanced by storage is the future of Australia’s energy system and investors are showing strong interest in new energy storage projects.”
To read the full article, visit PV Tech
