New Zealand-based renewables-focused firm Trustpower Ltd (NZE:TPW) has chosen Melbourne, Victoria for the Australasian headquarters of its to-be-listed wind unit Tilt Renewables.
Tilt Renewables, with a AUD-1.3-billion (USD 971m/EUR 883m) wind asset portfolio, will be listed on both the New Zealand and Australian stock exchanges. It will manage wind parks in both countries, with a significant investment pipeline. The Premier of Victoria, Daniel Andrews MP, said in a statement on Thursday that this would result in the employment of some 35 locals.
The move aligns with Victoria state’s commitment to source 25% of its electricity from renewable energy sources by 2020, followed by 40% in 2025. At present, about 14% of Victoria’s demand is met with green power.
By 2025, it is expected that approximately 5,400 MW of large-scale renewable energy capacity, worth AUD 2.5 billion, will come online in Victoria. This is seen to create over 4,000 renewable jobs during the projected peak year of construction in 2024 and to help cut electricity sector greenhouse gas emissions by 12% by 2034-2035.