Under the plan,the Clean Energy Finance Corporation will also provide a concessional loan of $750 million to build the much-anticipated KerangLink inter-connector,a massive new high-capacity,high-voltage overhead transmission line running between Victoria and NSW.
The project,likely to cost about $3.3 billion in total,is expected to connect Victoria’s Western Renewables Link (at a proposed terminal north of Ballarat) with Project EnergyConnect (at Dinawan) via new stations near Bendigo and Kerang.
It would mean power stored by the Snowy 2.0 hydropower project in the Snowy Mountains could be to be transferred to Victoria,while power generated by new Victorian offshore wind farm projects in the Bass Strait could be sent north.
Prime Minister Anthony Albanese said the announcement followed the Commonwealth’s recent consultation on an offshore wind development zone off Gippsland,the first in the nation.
In a joint statement,the state and federal governments said the plan would “supercharge” regional jobs,with the new KerangLink inter-connector allowing 4000 MW of new power generation,creating more than 2000 direct jobs during construction and $1.8 billion worth of benefits,including for electricity users.
“This is a historic day for Victoria and for Australia,with the rollout of these key projects putting us on track to be a renewable energy superpower,” Albanese said.