The Federal, Victorian and Tasmanian Governments will jointly fund renewable energy zones, offshore wind projects and interconnectors in the first part of Labor’s “rewiring the nation” plan to connect more renewable generation into the national grid.
The funding agreement will see $1.5 billion in concessional financing made available for renewable energy zone projects in Victoria and includes provisions to fast-track regulatory processes to support development of the state’s offshore wind industry.
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The Clean Energy Council welcomed the announcement, which includes a commitment to proceed with Marinus Link between Victoria and Tasmania and for Clean Energy Finance Corporation funding for the Victoria-NSW KerangLink interconnector in a deal that will support more than 3,400 jobs and generate $3.3 billion in net market benefits and investment.
“A smart, modern and strong transmission system is a crucial piece of the jigsaw puzzle to deliver a lower cost, more reliable and clean energy power system and transition Australia to become a clean energy superpower,” Clean Energy Council CEO Kane Thornton said.
“Marinus Link will allow Tasmania to export its considerable pumped hydro and wind energy resources to the National Electricity Market and open up further investment opportunities in renewables. Support for renewable energy zones and offshore wind projects is also a smart investment in the energy infrastructure necessary for the 21st century.”
The Climate Council also announced its support for the first instalment of “rewiring the nation”, with CEO Amanda Mckenzie saying, “This kind of proactive, coordinated action across levels of government is exactly what’s required to build a clean grid as quickly as possible and Australians will benefit from more of it.
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“This new infrastructure will help rid our electricity network of coal by unlocking new renewable energy projects. That’s not just a win for our climate, it’s also a win for regional communities who have worked to power our nation for generations.
“Australia is well on its way to being powered by renewable energy, the only question is how quickly can we get there. By 2030 we need to roll out transmission lines approximately 24 times the length of what we have now. Genuine community consultation and strong collaboration between governments is crucial to this.”
