Investment in large-scale energy storage projects in Australia reached a record high in the second quarter of 2023.
The Clean Energy Council’s Renewable Projects Quarterly Report (PDF, 1.92 MB) showed six energy storage and hybrid projects worth A$2 billion reached investment stage in Q2 2023. This is the first time Australian storage projects have broken the billion-dollar barrier in a single quarter.
These six energy storage projects will add 3,802 MWh to Australia’s storage capacity.
In Q2 2023, the report also showed:
- two storage projects started construction
- four storage projects reached the final commissioning stage.
Some notable big battery projects in Australia include:
- Neoen is building its sixth big battery, located in Western Australia
- NHOA Energy is part of a consortium delivering a 400 MWh battery storage project in South Australia
The report also details solar energy generation projects in Q2:
- four projects reached investment stage
- four projects started construction
- five projects reached the final commissioning stage.
More investment opportunities in Australian renewables
There is significant potential for both renewable investment and broader green economy investment in Australia, thanks to growth in government funding, abundant natural resources, and Australia’s ability to develop solutions for global supply chains.
The Australian Government committed record funding of almost A$25 billion to clean energy spending, backing its net zero commitment by 2050. This includes funding for projects that unlock opportunities for clean energy and renewables investors.
Find out more about Australia’s renewable energy sector.