Transgrid makes final investment decision on USD1.42 billion interconnector project in Australia
TransGrid’s Board announced that it will build the critical electricity transmission project, EnergyConnect, which will save NSW customers AUD180 million (USD139.5 million) a year and create 1,500 new construction jobs in regional New South Wales.
The TransGrid Board’s investment decision came after it was able to partially resolve financeability issues for EnergyConnect, which challenge the delivery of major regulated transmission projects in the NEM. This has been achieved via an agreement between TransGrid and Clean Energy Finance Corporation (CEFC) on the issue of an innovative AUD295 million (USD228.6 million) hybrid debt instrument.
EnergyConnect will be Australia’s biggest electricity interconnector built to date in the National Electricity Market and it will help to accelerate Australia’s energy transition by connecting customers with more renewable generation. It will also help to abate an estimated one million tonnes of carbon emissions each year contributing significantly to meeting Australia’s climate change targets.
TransGrid CEO, Paul Italiano, said: "EnergyConnect is a transformational energy project which will provide net benefits of up to AUD11.9 billion (USD9.22 billion) and save NSW customers AUD180 million (USD139.5 million) a year, or AU$64 (USD 49) annually on an average household bill."
The company will invest AUD1.834 billion (USD1.42 billion) on the project. Construction Work is expected to commence by the end of 2021.
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