International investors can be part of a ground-breaking first investment opportunity following the launch of the Victorian Government’s State Electricity Commission Pioneer Investment Mandate, which further establishes Victoria as a clean energy economy.
The SEC has been in discussions with potential investors and renewable energy companies and invites potential market participants to identify suitable renewable energy generation and storage projects across Victoria from 2 May.
The market search, through a Registration of Interest process, will also help build a pipeline of longer-term investment opportunities, generating jobs and investment while helping Victoria achieve its nation-leading renewable energy targets.
The successful project must Victorian-based and contribute to the SEC’s objectives of accelerating the transition away from coal. It will supply reliable and affordable zero-emissions power to Victorian households, businesses and industries.
It must deliver commercial returns and use a proven renewable energy and/or storage technology. There is a minimum target of 100 MW in size, with a preference for larger capacity. Projects must begin operations and deliver electricity as soon as possible.
The SEC will speed up Victoria’s transition to 95 per cent renewable energy generation by 2035, and help reach the target of net zero emissions by 2045 – creating new business investment opportunities and 59,000 jobs in the renewable energy sector.
The SEC will invest an initial $1 billion towards delivering 4.5 gigawatts of power through new build renewable energy and storage projects – the equivalent capacity of coal-fired power station Loy Yang A.
The Victorian Government-owned SEC will invest strategically to accelerate Victoria’s transition to a zero-emissions electricity system in partnership with the private sector and current and future government initiatives. With input from the Expert Advisory Panel, the SEC is developing a 10-year strategic plan to inform its long-term investment mandate.
Developers interested in participating in the market search can see the Pioneer Investment Mandate and register their interest at vic.gov.au/state-electricity-commission-victoria.
Learn about the opportunities in Victoria’s clean energy sector.