The Andrews Labor Government is holding the largest-ever renewable energy auction to boost investment, create new jobs and drive down electricity prices.
Minister for Energy, Environment and Climate Change Lily D’Ambrosio today opened the competitive reverse auction that will deliver up to 650 megawatts (MW) of large-scale renewable energy for Victoria.
Companies with an existing planning permit to build a renewable energy facility can now bid for 15-year Support Agreements with the Victorian Government.
These long-term contracts will create investment certainty to build new energy generation projects and reduce wholesale electricity prices.
The auction is expected to drive up to $1.3 billion in new capital expenditure, create 1,250 construction jobs and 90 on-going roles.
Most of the new jobs will be created in regional Victoria where wind and solar projects are likely to be based.
The auction has been designed to bring forward projects that achieve the highest standards of community engagement, benefit local economies and represent value for money.
The Victorian Renewable Energy Targets will ensure 25 per cent of the state’s electricity generation comes from renewable sources by 2020, and increasing to 40 per cent by 2025.
Quotes attributable to Minister for Energy, Environment and Climate Change Lily D’Ambrosio
“Renewable energy is key to Victoria’s future and we’re not wasting a minute – to drive new investment, create jobs and cut electricity prices.”
“This competitive auction will provide much needed certainty to the energy industry, supporting new projects in regional Victoria.”
Reviewed 19 August 2020