$1.2b budget to speed up RE infrastructure in New South Wales

This is the largest investment of the state of RE projects. 

The $1.2b funding, under the New South Wales (NSW) budget for 2022-2023, is expected to accelerate the development of renewable energy infrastructure over the next decade. 

“Renewable Energy Zones are modern day power stations, providing cheap and clean power for the homes and business of NSW,” Treasurer and Misniter for Energy Matt Kean said.

“This is the State’s largest ever investment in infrastructure for renewable energy and is expected to help create 2,700 direct construction jobs across the State.

Kean added the state estimated the Facility will lead to at least $14b in private transmission infrastructure investment. This will allow the government to fully recover its contributions. 

At present, there are 50 large-scale renewable energy projects with 16,000 megawatts in the NSW planning system. 

“Energy prices are up because of Russia’s invasion of Ukraine and unplanned outages at coal-fired power stations. Fast-tracking the construction of renewable energy is the best way to reduce our exposure to these risks and take advantage of cleaner, cheaper power sources,” he said. 

“The Facility is a critical step in unlocking the new generation needed to improve competition, lower power prices, and secure a brighter future for households and business.” 

Kean noted the first investment under the $12b facility will be the Waratah Super Battery, which is the largest network battery in the Southern Hemisphere.

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