Aust Govt backs 19 major renewable projects

The Australian Government is supporting 19 new renewable energy projects that are intended to supply electricity for 4 million Australian households by 2030.

Servicing the National Electricity Market (NEM), the projects include wind farms, solar installations and battery developments in NSW, Queensland, Tasmania, Victoria and South Australia.

Supported through Tender 7 of the federal government’s Capacity Investment Scheme (CIS), the initiatives will deliver 7.8 GW of renewable generation and a further 7.9 GWh in battery storage through hybrid projects.

The government estimates the projects will attract $17 billion in private investment and create 19,000 construction jobs. More than $257 million worth of Australian steel will be used.

Minister for Climate Change and Energy Chris Bowen said the Capacity Investment Scheme was delivering more cheap, clean energy, more jobs and more investment in Australia’s regions.

“These projects will help keep the lights on, put downward pressure on power prices and cut emissions with the cheapest form of new energy, backed by storage,” he said.

“This is not just about megawatts. It is about jobs on the ground, investment in local communities, and making sure communities share in the benefits of the renewable energy transition.”

Building on the Tender 7 bids in the NEM and the broader success of the CIS to date, Tender 9 is now open to bids.

Tender 9 targets 5 GW of renewable generation and is open to all NEM jurisdictions except NSW, where proponents can participate in the restarted NSW Roadmap generation tenders. Tender 9 will include a dedicated capacity allocation for projects that commit to 5% or higher equity and/or revenue sharing agreements with First Nations communities.

“At a time when we’re all feeling the pinch from volatile fossil fuel markets, these investments are more important than ever, and, as demonstrated by the quality and volume of bids, the market is responding to the stability the CIS offers,” said Assistant Minister for Climate Change and Energy Josh Wilson.

“Coming off the back of the two best quarters for renewable energy, and as we see coal and gas generation in decline, these 19 projects will help drive even more investment in cleaner, cheaper energy across the NEM.”

Image credit: iStock.com/mikulas1