Australia’s battery age has arrived smashing investment records as storage projects break through the billion-dollar barrier during a single quarter for the first time.
Clean Energy Council data released today shows $2 billion worth of storage and hybrid projects reached the investment stage in Q2.
The latest Renewable Projects Quarterly Report provides a detailed snapshot of Australia’s clean energy and storage investment pipeline.
The report highlights:
Clean Energy Council Chief Executive, Kane Thornton, said that while an overall increase in investment activity during the quarter was encouraging, further action is required.
“While there is now strong political support for the clean energy transition, there remains a raft of barriers as a result of the historic lack of leadership, planning and foresight over the prior decade,” Mr Thornton said.
“These challenges make final investment decisions for large scale renewables projects more difficult, and include under-investment in transmission, grid connection challenges, inconsistent planning policies, constraints in supply chains and workforce as Australia competes with global leaders that are all accelerating their demand for renewable energy.
“There is an enormous pipeline of renewable energy projects in Australia, but investors are swamped with global opportunity at a time where these barriers make Australian projects less attractive.
“The critical development needed to achieve 82 per cent renewable generation by 2030 is not guaranteed unless we target the obstacles currently creating investment uncertainty for new energy generation.”
A total of four generation projects, with 348 MW reached financial commitment during the quarter, the largest among them being the Ardandra Storage and Solar Project in Queensland.
While this quarterly result was an improvement on Q1, when there were no large-scale generation projects committed, investment levels so far this year are 50 per cent below the rolling 12-month quarterly average of 699 MW and are a long way off the pace necessary for Australia to achieve an 82 per cent renewable energy share by 2030.
Looking further along the project pipeline, five generation and storage projects commenced construction in Q2. A total of nine projects reached the final commissioned stage in Q2, totalling $1.3 billion worth of investment.
For more information or to arrange an interview, contact:
Clean Energy Council Media Officer
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