Published on 07th September 2021
The Victorian government has opened the second Victorian Renewable Energy Target (VRET) auction, which is expected to support at least 600 MW of additional renewable energy generation in the state.
The auction will assist the government in meeting its goal of using 100% renewable energy for government activities by 2025. The projects will ensure that schools, hospitals, Melbourne's metropolitan train network, and other government services have access to renewable energy.
The tender will also help Victoria achieve its renewable energy targets of 40% by 2025 and 50% by 2030. It will end on November 8, with the winners scheduled to be announced in the middle of 2022.
The state will provide 10-year contract for difference (CfD) support agreements to successful projects. Solar, wind, or hydropower projects with a capacity of at least 10 MW that will be operational by December 30, 2024 are eligible to participate.
The auction, which includes local content requirements, is projected to produce over 2,000 jobs and AUD 1 billion in investment in Victoria.