The independent Board of Snowy Hydro Limited approved a final investment decision to proceed with Snowy 2.0, subject to shareholder approval.
Snowy 2.0 is a pumped-hydro expansion of the existing Snowy Scheme, providing 2000 megawatts (MW) of on-demand generation and 350,000MW hours of large-scale energy storage.
After almost two years of rigorous due diligence on every aspect of the Project, including detailed financial analysis and ongoing geotechnical drilling, the board is confident Snowy 2.0 is a strong investment for the company.
The board has informed the shareholder of its decision to proceed with Snowy 2.0 subject to shareholder approval.
Further project information will be released following Shareholder approval.
Related article: Joyce calls for coal over Snowy 2.0