Australia has practically 6GW of dedicated large-scale wind and photo voltaic tasks within the growth pipeline – that’s, tasks with all growth approvals and financials in place – after a document quantity of recent capability was added to the record in 2022.
In response to the latest data from the Clear Vitality Regulator, up to date on Tuesday, a complete of 4.3GW of capability reached a closing funding resolution over the course of 2022 and has been added to the CER’s dedicated class.
Which means the full variety of renewable power tasks of 100MW or better which might be shovel prepared, or “dedicated,” initially of 2023 now sits at round 5.9GW (see desk beneath).
This quantity contains the 756MW first stage of the Golden Plains wind farm in Victoria, and the hefty 923MW Macintyre wind farm in Queensland, which is 70% owned by Acciona, with a 30% stake held by Korea Zinc subsidiary, Ark Vitality.
The CER information lists an additional 3.3GW of large-scale photo voltaic and wind capability in its “possible tasks” class, which is described as having “a excessive diploma of confidence that they may proceed following a public announcement of an influence buy settlement with a robust counter occasion or different proof of funding.”
Among the many CERs up to date record of “possible tasks” is Renewable Vitality Companions huge 900MW, 166 turbine Proserpine wind farm on Gia Folks Nation north of Mackay, in addition to the 600MW Aldoga solar farm, additionally deliberate for Queensland.
Federal power minister Chris Bowen says the practically 50 per cent bounce in annual large-scale wind and photo voltaic farm funding commitments in comparison with 2021 displays the coverage stability the Labor Occasion has delivered to the renewables sector since its election in Could of 2022.
“This funding means new jobs throughout the nation, and can assist emissions discount within the electrical energy sector and places us on the best way to 82% renewables by 2030,” Bowen mentioned on Wednesday.
“A majority of this improve in funding was after final 12 months’s election, which proves renewable buyers are responding positively to the Albanese authorities’s robust emissions discount targets and know that Australia is again open for enterprise in clear power,” he mentioned.
This specific declare is tough to confirm utilizing the CER information, which doesn’t give a date for when every of the “dedicated” tasks formally achieved that standing.
However there’s no denying that investor confidence seems to be thriving, with various new large worldwide names becoming a member of the Australian renewables market over the previous few months, together with Malaysian oil large Petronas just this week.