The Australian government has announced plans to build renewable energy zones (REZ), wind projects and underwater power interconnectors to bring more renewable energy to the country’s national grid, notably in the states of Victoria and Tasmania (southern Australia).
Victoria has been awarded a AUD1.5bn (US$948m) of concessional financing for REZs, including offshore wind development projects. The state will also get a AUD750m (US$472m) loan meant to guarantee that the underwater electricity interconnector between Victoria and New South Wales, the VNI West KerangLink, is completed by 2028. The future 500 kV HVAC interconnector is expected to unlock 4 GW of new power generation in the region.
In addition, the interconnector between Victoria and Tasmania across the Bass Strait, known as the Marinus Link which comprises two HVDC cables of 750 MW, also got support as the Government promised to pay for 80% of the project with a concessional loan from Clean Energy Finance Corporation.
The government also announced a AUD1bn (US$630m) loan for Tasmania’s 220 MW Tarraleah Power Station redevelopment and 600 MW Lake Cethana Pumped Hydro project.
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