NSW govt selects 1.75 GW of pumped hydro projects for state grants

Pumped storage hydro. Image by ATCO.

September 2 (Renewables Now) - The government of New South Wales announced on Friday that it has awarded AUD 44.8 million (USD 30.5m/EUR 30.5m) in recoverable grants to support the development of pumped-storage hydropower projects in the southeastern Australian state.

Five projects with a combined capacity of around 1.75 GW were selected to receive funds to conduct pre-investment activities, establish project feasibility and develop a strategic business case, said Matt Kean, the treasurer of New South Wales and minister for energy.

The grants will be repaid to the government if a project reaches financial close.

“If these pumped hydro projects proceed to construction, they are expected to create more than 2,300 jobs and attract AUD 4.4 billion of private investment, which will help grow the economy and support the regions,” Kean added.

Grant recipients and project proposals are listed in the table below:

Project name: Proponent: Capacity (in MW): Duration (in hours): Funding amount (in AUD): Location (nearest town):
Lake Lyell Pumped Hydro Energy Storage EnergyAustralia Development 335 8 11m Lithgow
Oven Mountain Pumped Hydro Energy Storage Oven Mountain Pumped Hydro Energy Storage 600 12 9.64m Wollomombi
Shoalhaven Hydro Expansion Origin Energy 235 24 5.31m Bowral
Cental West Pumped Hydro ATCO Australia Pumped Hydro 325 8 9.44m Yetholme
Muswellbrook Pumped Hydro Muswellbrook Pumped Hydro (AGL Energy and Idemitsu Australia) 250 8 9.45m Muswellbrook

The state of New South Wales has set a target to build at least 2 GW of new long-duration storage by 2030, with the government committing AUD 97.5 million to fast-track pumped-storage hydro projects that could meet that target.

(AUD 1.0 = USD 0.681/EUR 0.681)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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