Australian renewable energy projects deliver A$8.8bn in investment
06 Nov 2017
Australia’s Clean Energy Council (CEC) has released its latest investment and job estimates for large-scale renewables projects for the 2017 calendar year.
Fourty-three renewable energy projects are under construction or will be completed this year. The CEC believes these projects will deliver A$8.8 billion in investment, more than 4,469 MW of new renewable energy capacity, and create more than 4,930 direct jobs (as at 3 November 2017).
The CEC attributes this level of investment to cost reductions achieved in renewable energy, underpinned by the bipartisan support for the 2020 Renewable Energy Target. It also attributes support from the Australian Renewable Energy Agency, the Clean Energy Finance Corporation and initiatives of state and territory governments.
David Grabau, Resources and Energy Senior Investment Specialist at Austrade, says the volume of projects reflects both the maturity and significance of Australia’s renewable energy market.
‘Australia is entering a new era of renewable energy development,’ says Grabau. ‘With record low prices for solar PV and onshore wind, the scale and pace of the clean energy transition has been quite remarkable.
'The broad-scale adoption of energy storage and other grid-stabilising technologies has further increased the amount of carbon-neutral energy that can be safely integrated into the existing system.
‘Given Australia’s abundance of clean energy and storage resources, know-how and smart software, the opportunity for Australia to emerge as a global renewable energy powerhouse is enormous.’