Australia has around 5,516MW of solar PV projects currently in financial commitment or under construction, with the majority of these based in Victoria (14).
According to the Clean Energy Council’s (CEC) latest Renewable Projects Quarterly Report, covering the second quarter of 2024, around AUS$7.6 billion (US$5.1 billion) has been allocated to developing these solar PV projects.
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Victoria has topped the table with projects to have achieved either of these milestones, and this is closely followed by New South Wales, which has 12 solar PV projects across the state.
Queensland and South Australia, each with eight projects; the Northern Territory and Western Australia, both with three; and the Australian Capital Territory, which finishes bottom with no projects, round off the list.
Despite Victoria having two more projects, the cumulative capacity of New South Wales’ solar PV projects is almost double, amassing 2,241MW compared to Victoria’s 1,137MW. With four fewer projects than Victoria, Queensland’s pipeline has a higher generation capacity of 1,248MW.
The report also adds that, for solar PV, 161MW projects have reached financial commitments since the start of 2024. 577MW of onshore wind projects reached financial commitment, a sizeable feat considering no onshore wind reached the milestone in 2023.
This means that the combined figures for wind generation and solar PV have surpassed the entirety of 2023’s numbers.
The CEC’s report indicates that 84 renewable electricity generation projects are either at the stage of reaching financial commitment or under construction. These projects have a capacity of 12.8GW.
For energy storage, six large-scale projects totalling 573MW/2,047MWh reached financial commitment in the second quarter of 2024. This means that over 2GWh of energy storage projects have now reached financial commitment in Australia in four of the last five quarters.
Visit our sister site, Energy-Storage.news for analysis of the CEC report’s energy storage figures.
