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The Minister for Energy, Environment and Climate Change Lily D’Ambrosio has announced the opening of a competitive reverse auction that will deliver up to 650 MW of large-scale renewable energy for Victoria, Australia.
Companies with an existing planning permit to build a renewable energy facilities will be able to 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 has been designed to bring forward projects that achieve the highest standards of community engagement, benefit local economies and represent value for money.
The auction is expected to drive up to AU$1.3 billion (US$ 1.5 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 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.
Details of the tender process can be found at tenders.vic.gov.au.
The Minister for Energy, Environment and Climate Change Lily D’Ambrosio, commented on the matter:
“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.”
We have recently reported about several projects in Australia:
Instituto de Crédito Oficial (ICO) and ACCIONA have signed an agreement for a loan of AUD75 million (US$56 million) to finance the construction and start-up of the Mt. Gellibrand wind farm in the State of Victoria.
Read moreNexif Energy has announced that it has reached financial close for the first stage of the Lincoln Gap Wind Farm in Australia.
Read moreRES Australia announced Emerald Solar Park has reached financial close for both equity and debt on October 24, 2017.
Read moreGlobal Infrastructure Partners (GIP), an independent global infrastructure investor, has announced that its fund, Global Infrastructure Partners III - in conjunction with the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, CIC Capital Corporation and a group of its other Limited Partner Co-Investors - has agreed to acquire 100 percent of the equity interests in the wind and solar renewable energy portfolio of Equis Funds Group for US$5.0 billion (including assumed liabilities of US$1.3billion).
Read moreThe Kennedy hybrid project reached financial closure in September this year, a power purchase agreement for a period of 10 years with CS Energy for all of its electricity and some of the Large-Scale Generation Certificates.
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