Australia Sees Record Levels of Investment for Renewables

As written on the website of the CEC, Kane Thornton, Clean Energy Council Chief Executive, stated that 41 new renewable energy projects have been confirmed this year. These projects give way for a remarkable surge of investment which amounts to more than $8 billion, generate an estimated 4,680 new jobs, and create notable economic benefits for local businesses.
Thornton said, “These 41 projects will deliver over 4330MW of new capacity, which is crucial to increasing supply in the energy market, replacing old coal-fired generation that continues to close and ensuring downward pressure on power prices.”
“Private investors have committed to 26 projects currently under construction, with another 14 securing finance and expected to commence construction in 2017. It is incredible to see the shift in conversation and action around and in the industry. In addition, there is a strong uptake of rooftop solar systems from Australian homes and businesses, expected to deliver over 1000MW of capacity worth over $2 billion during 2017. This combined investment in power generation in this country’s history,” he added.
He also praised the combined effort of state and territory governments, as well as the government agencies, of initiating and supporting such projects. Thornton also expressed that the 2020 Renewable Energy Target is now within reach because of the various institutions and organisations’ support.
Thornton further mentioned, “We have already seen six times the investment value in 2017 of what we saw in 2016, and the new capacity will also help with energy security. In 2016, the combined capacity from all projects completed stood at 264.1 MW. This year, 2210.2 MW of projects have been committed and 1881.2 MW are in construction with a whole financial quarter still to go.”
For the full report and breakdown of the projects committed this year, click this link.