Australia, 2024: Investment greenlit for 4,346MW of new renewable energy generation capacity and 4,029MW/11,348MWh of new energy storage projects.
Q4 2024: Investments made into 870MW/1,936MWh of new energy storage.
Lightsource bp's 450MW Goulburn River solar-plus-storage plant (New South Wales) received AU$880 million investment; includes a 49MW/392MWh BESS with 8-hour duration; expected to be operational by end of 2026.
Queensland's Wambo Wind Farm stages one and two (252MW and 254MW, respectively) received financial close in December.
Solar PV dominated projects reaching financial close in Q4 2024.
Currently, 88 renewable energy generation projects have either reached financial commitment or are under construction, totaling 13,187MW of capacity.
52 committed energy storage projects are in development, equated to 10,531MW and 26,285MWh of capacity and energy output, respectively.
Lightsource bp's 222MW/640MWh Woolooga BESS (Queensland) will use Hithium Energy's 5MWh containerised standard 20-foot BESS solution.
Across 2024, 25 energy storage projects with a capacity of 4,029MW/11,348MWh reached financial commitment.