Australia sees strong Q4 for renewables investment

Investment in financially committed generation and storage projects in Australia rebounded in the fourth quarter of 2022, reaching almost AUD 4.3 billion (USD 2.8bn/EUR 2.7bn), industry group Clean Energy Council said on Wednesday.

This was the highest quarterly investment since the third quarter of 2018. Five generation projects reached financial close, representing 1,923 MW of capacity, as well as one energy storage project, representing 800 MWh.

Annual financially committed investment increased to AUD 6.2 billion from AUD 5.3 billion in 2021.

According to Clean Energy Council, the fourth-quarter investment reflects a more positive political and policy environment.

"While the uptick is encouraging, one quarter doesn't mean a trend,” the organsiation’s chief executive Kane Thornton, however, added.

According to him, Australia is deploying new wind and solar farms more slowly than needed to achieve the 82% target for renewables on the National Electricity Market.

Thornton further commented that “[...] it's clear that with significant shifts in capital overseas through the United States Inflation Reduction Act and other responses from the likes of the European Union and the Gulf States, Australia needs to do more."

(AUD 1 = USD 0.660/EUR 0.626)

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