Twenty Australian projects set to provide 6.6GW of renewable generation capacity by 2030 are benefiting from the latest round of the Capacity Investment Scheme (CIS).
The CIS helps incentivise investment in clean energy projects by covering revenue shortfalls below an agreed floor. In return, the Federal Government receives 50 per cent of revenue above an agreed ceiling.
CIS Tender 4 drew 84 bids representing 25.6GW of capacity, with successful projects spanning wind and solar generation, and battery storage.
Tasmania has its first CIS recipient through the Bell Bay wind farm, which is being developed by Equis to a 224MW capacity.
Tasmania Minister for Energy and Renewables Nick Duigan called this a “landmark moment” for the state’s renewable energy industry.
“The first Scheme allocation in the state confirms the strength of our renewable energy pipeline,” he said.
“The $950 million project has the capacity to generate 224MW of clean, reliable energy, enough to power approximately 104,000 homes, while creating around 180 jobs during construction and 12 ongoing roles and delivering long-term benefits for regional communities.”
Solar projects included the Tallawang solar hybrid in NSW, with 500MW of generation capacity and 1000MWh of storage potential, the Punchs Creek solar farm in Queensland, with 400MW of generation capacity and 1600MWh of storage potential, and the Nowingi solar power station in Victoria, with 300MW of generation capacity and 1200MWh of storage potential.
Stage one of Tilt Renewables’ Liverpool Range wind farm in NSW, capable of 634MW of energy, is now a CIS recipient, as is AGL’s Hexham wind farm in Victoria, with 600MW of capacity.
The 20 projects are set to support more than 12,000 construction jobs and more than 1000 long-term maintenance roles during a 20-year life of the assets. This amounts to about $17 billion in local investment.
CIS Tender 7, targeting 5GW of generation capacity, is open for registrations and bids from October 14.
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