The Victorian Government will invest $124.5 million to progress activities for the Victorian Renewable Energy Terminal at the Port of Hastings, which will allow renewables developers to assemble offshore wind turbines before taking them out to sea for installation.
The funding commitment, announced as part of the 2026/27 Victorian Budget, will progress the Environmental Effects Statement (EES) process for the first heavy-duty port of its kind in Australia.
Related article: Australian offshore wind sector update
The Victorian Renewable Energy Terminal is going through a full EES process, including community consultation. Following planning approvals and environmental assessments, works can then proceed.
“Harnessing Gippsland’s offshore wind resource has the potential to keep pushing prices down as our old coal fire power stations close,” a statement from the office of Victorian Premier Jacinta Allan said.
“It will also make sure Gippsland remains the powerhouse of Victoria’s energy production for decades to come.
“The auction for the first 2GW of offshore wind energy will open in August. That’s enough energy to power 1.5 million homes.”
At its peak, the offshore wind industry is expected to create over 2,370 jobs and generate billions in investment.
Related article: Australia’s first offshore wind auction scheduled for August
Victorian Minister for Ports and Freight Melissa Horne said, “We are investing in the technical and environmental assessments at the Port of Hastings to ensure that we are protecting the Ramsar listed wetlands and have ensured that we are on the best footing to successfully meet the Environmental Effects Statement criteria.”
