The Australian state of Victoria on Tuesday announced the country’s biggest energy storage targets, pursuing 2.6 GW of renewable energy storage capacity by 2030 and 6.3 GW by 2035.
Together with the targets, the state government announced AUD 157 million (USD 102m/EUR 106m) of funding for renewable energy generation and storage projects. This includes AUD 119 million from the AUD-540-million Renewable Energy Zone Fund, which will be invested in a 125-MW battery and grid forming inverter in the Murray Renewable Energy Zone, between Bendigo and Red Cliffs.
In addition, AUD 38.2 million from the Energy Innovation Fund (EIF) will support four projects, one of which is a 100-MW battery and inverter in Terang, which will get AUD 7 million. The EIF round will also provide AUD 19.3 million for two bioenergy projects at farms in Gippsland and Barwon as well as AUD 11.9 million for Yarra Valley Water to install an electrolyser to produce renewable hydrogen using recycled water in Wollert.
The state government said its storage targets are expected to deliver 12,700 jobs and AUD 1.7 billion in investment between 2023 and 2035. The targets and the new clean energy projects support its efforts to fight climate change and drive down power prices. They are in line with the state’s renewable energy goal of 50% by 2030 and net zero target by 2050.
Victoria is already home to the 300-MW Victorian Big Battery, the largest battery in the Southern Hemisphere.
“We’ve cut emissions by more than any other state, tripled the amount of renewable energy and created thousands of jobs. We’re not just talking about climate action – we’re getting on with it,” said premier Daniel Andrews.
(AUD 1 = USD 0.649/EUR 0.673)
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