Australian governments unite on $5 B transmission investment
The federal and New South Wales governments have combined on a landmark $5.25 B (AU$7.8 B) investment into renewable energy projects.
Image source: PV Magazine
Australia, Sydney: The federal and New South Wales governments have combined on a landmark $5.25 B (AU$7.8 B) investment into renewable energy projects.
The Commonwealth and New South Wales (NSW) governments have announced the joint-funding deal to build critical infrastructure needed to connect the state’s planned renewable energy zones (REZs) and the 2 GW Snowy 2.0 pumped hydro project to the electricity grid.
The package is funded by $3.14 B (AU$4.7 B) from the federal government’s $13.38 B (AU$20 B) Rewiring the Nation program and $2 B (AU$3.1 B) from the NSW Transmission Acceleration Facility.
The VNI West interconnector, which would link northwest Victoria and southeast NSW, is also on the list for funding.
Other projects included are the Sydney Ring – Hunter Transmission Project, Sydney Ring – Southern Sydney Ring; and the Central-West Orana, Hunter-Central Coast and South-West REZs.
NSW Treasurer and Energy Minister Matt Kean said the funding deal would unlock $21.4 B (AU$32 B) worth of private sector investment in transmission and generate thousands of jobs in the renewable energy sector.
“We’re facing increasingly tough global competition for critical resources and this funding enables considerable efficiencies to be gained through combined procurement of materials and secure pipeline opportunities for workers across multiple projects,” said Transgrid Chief Executive Officer Brett Redman.
Source: PV Magazine
#Australia#investment#power transmission#Renewables#TransGrid