The Victorian government on Tuesday launched the second Victorian Renewable Energy Target (VRET) auction that will back at least 600 MW of new renewable energy capacity in the state.
The auction will help the government achieve its objective of 100% renewable electricity for government operations by 2025. The projects supported will ensure renewable power supply for schools, hospitals, Melbourne’s metropolitan train network and other government services.
The tender will also contribute to Victoria’s renewable energy targets of 40% by 2025 and 50% by 2030. It will close on November 8, with the announcement of the winners expected in the middle of 2022.
Successful projects will secure 10-year contract for difference (CfD) support agreements with the state. Solar, wind or hydro projects of at least 10 MW and coming online by December 30, 2024 can participate.
Coming with local content requirements, the auction is expected to create more than 2,000 jobs and drive AUD 1 billion (USD 732.5m/EUR 619m) of investment in Victoria.
The first VRET auction saw 928 MW of successful projects — three wind farms with a combined capacity of 673.5 MW and three solar farms totalling 254.6 MW — announced in September 2018.
(AUD 1 = USD 0.732/EUR 0.619)
