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Another strong quarter for energy storage and early shoots for renewables investment

A new Clean Energy Council report released today reveals that Q1 2024 showed positive signs of a recovery and the best quarter for financial commitments for large-scale renewable energy generation since the end of 2022. It also showed another very strong quarter of new financial commitments for large-scale energy storage projects.

The peak body for Australia’s renewable energy sector today released its Renewable Projects Quarterly Report for Q1 2024, which has found:

  • Large-scale renewable generation projects have continued to bounce back from the lows of 2023, with five projects totalling 895 MW of capacity reaching financial commitment during Q1 2024.
  • Q1 2024 was the fourth consecutive quarter in which energy storage projects secured financial investment commitments over $1 billion.
  • Investment levels in generation projects will need to increase further with financial commitments of at least 6 - 7 GW of new large-scale generation projects needed in 2024 (and successive years) to meet the Federal Government’s target of 82 per cent renewables by 2030.

“These results are an encouraging sign that Australia’s clean energy transformation is moving in a positive direction and on the road to recovery,” Clean Energy Council Chief Executive, Kane Thornton said.

“Landmark commitments made by the Federal Government in recent months have been designed to build certainty for renewable energy investors, which we expect will drive a resurgence for the large-scale generation we need.

“Investment in large-scale storage continues to be very strong, following a record year in 2023. It is abundantly clear that renewables firmed by storage are the future of Australia’s energy system and investors have a strong appetite for new energy storage projects.”


For more information or to arrange an interview, contact:

Liam Straughan
Clean Energy Council Media Officer
[email protected]
+61 409 470 683