Tuesday, March 5, 2024

Renewable Energy Target Auction launched

The second Victorian Renewable Energy Target (VRET) auction launched today is expected to create thousands of jobs and help power the entire Victorian Government with clean energy − including every government school and hospital and Melbourne’s entire metropolitan train network.

Minister for Energy, Environment and Climate Change, Lily D’Ambrosio today released the tender pack for the auction, which she says will support at least 600 megawatts of energy.

“We are proud to be launching the second VRET auction, a key part of our plan to source 100 per cent renewable electricity for Government operations by 2025,” she said.

“Generating new investment in renewable energy will have lasting benefits for Victoria’s economy, making energy delivery across the state more reliable and affordable.”

The second auction is expected to deliver more than 2,000 new jobs and $1 billion worth of economic investment in Victoria. It’s also expected to make a significant contribution to halving the state’s carbon emissions by 2030 and meeting the Government’s ambitious renewable target of 50% renewable energy by 2030.

“We’ve already created more jobs in renewable energy than any other State in Australia − this auction will deliver another boost in clean energy investment and jobs and help us reach our ambitious emissions reduction targets,” said Ms D’Ambrosio.

The Minister said the auction had strong local content requirements “to ensure more of the work generated by the auction is delivered in Victoria, and robust obligations on proponents to share the benefits of their project with the local community”. 

She said the auction will also feature strengthened network requirements to ensure projects can be connected quickly and is being delivered with support from the Australian Energy Market Operator to mitigate grid connection risks.

The auction is part of the Government’s plan to drive significant investment in all six Renewable Energy Zones located across Victoria and its $1.6 billion investment in clean energy – the largest investment in clean energy of any state government, ever.

The tender will close on 8 November 2021, with successful projects expected to be announced in the middle of 2022.

For more information on the auction visit energy.vic.gov.au/renewable-energy/vret2. To get involved in the bidding process, visit the tenders.vic.gov.au website.

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