Renewables developer BlueFloat Energy says a socio-economic analysis of the 2.1GW Greater Gippsland Offshore Wind Project has found it could create a massive $35 billion increase in the Gross Regional Product for Gippsland.
Related articled: BlueFloat announces new 1.7GW offshore wind project
The socio-economic study conducted by ACIL Allen as part of BlueFloat Energy’s Feasibility Licence application, shows that the Greater Gippsland Offshore Wind Project is forecast to generate thousands of ongoing direct and indirect jobs and deliver an $18.3 billion rise in combined household incomes in Gippsland.
Victoria has set targets of at least 2GW of offshore generation capacity by 2032, 4GW by 2035 and 9GW by 2040. The Greater Gippsland Offshore Wind Project is projected to generate 7,800 Wh of renewable energy each year and will put downward pressure on wholesale electricity prices.
The Greater Gippsland Offshore Wind Project will be located between 10 to 43km offshore from the Gippsland coast, between Woodside Beach and Seaspray. It includes approximately 140 wind turbines and four substations, which will produce 2.1GW of electricity and will be connected to the National Energy Market in the Latrobe Valley via a shared transmission line.
Related: Costs, supply chain issues plague floating offshore wind
BlueFloat Energy Australian country manager Nick Sankey said, “As part of our Feasibility Licence application, we wanted to understand how the Greater Gippsland Offshore Wind Project would impact the regional economy. The numbers that came back are astounding. It is so important that offshore wind delivers benefits for local communities and the analysis by ACIL Allen shows just how many jobs, incomes, and livelihoods can be positively affected.”