Australia’s large-scale renewables industry saw a “significant downturn” in investment in 2023 despite the country’s overall growth in the sector, according to the country’s renewable energy body the Clean Energy Council (CEC). Renewables accounted for 39.4% of Australia’s total electricity supply last year, up 9.7% from 2022 and a huge leap from 2017, when renewables accounted for just 17% of the country’s energy mix. Additional generation capacity for the year ended on 5.9GW, up from 5GW year-on-year, the CEC’s annual report published Tuesday finds. 3.1GW – or more than half – of Australia’s new capacity came from small-scale rooftop solar, installed on homes or business buildings. In total, 337,498 households and businesses installed rooftop solar panels, up from 315,499 in 2022, accounting for 28.5% of all renewable generation for the year. 2.8GW of new large-scale project capacity was completed and hooked up to the grid. Clean Energy Council chief executive Kane Thornton said renewables had now reached a critical tipping point in the Australian energy mix, adding that the industry has faced “profound change” over the last 12 months.

“2023 was also a significant year for construction and new financial commitments to utility-scale storage. Twenty-seven battery projects are under construction, up from 19 at the end of 2022. Investment stands at a massive $4.9 billion, up from $1.9 billion in the year prior,” Thornton said.