Australia is the top destination in the world for electricity projects in the renewable energy sector, according to data from greenfield investment monitor fDi Markets. In 2015, Australia ranked 35th in the world by number of FDI projects, jumping to sixth in 2016 and in 2017 (January to August) it is the top destination in the world, followed by Mexico, the US, the UK and Japan.
Following a decline in the number of projects between 2012 and 2015, figures show the number of projects created in Australia increased between 2015 and 2016, from two projects to 13.
There has also been an increase in the level of capital investment in electricity projects in the renewable energy sector in Australia between January 2015 and August 2017. In 2015, fDi Markets recorded $880.30m in announced capital investment, which increased to $7.2bn in 2016. Between January and August 2017, Australia recorded $2.58bn in announced capital investment in the renewable energy sector.
To date in 2017, Queensland and New South Wales have been the top two states in Australia for renewable energy electricity projects, each recording five projects. Wirsol Energy is the top investor with approximately $1.06bn in announced capital investment and 85 new jobs. Overall figures from fDi Markets show a total of 53 FDI projects were recorded between January 2003 and August 2017. During this period, the sector also attracted a total capital investment of $20.49bn and created 1081 jobs.
The first quarter of 2017 saw eight electricity projects recorded in the renewable energy sector in Australia, compared with one project in the first quarter of 2016. In the second quarter there were six projects created, compared with four in the second quarter of 2016. The first half of 2017 accounted for more than one-quarter of all renewable energy electricity projects into the country since 2003. This suggests that Australia is set to maintain its position as one of the world’s leading destinations for the renewable energy sector in 2017.