The Victorian government will deliver Australia’s first offshore wind farms with a strong plan to drive regional investment, slash emissions and create jobs.
The nation leading policy, set out in the Victorian Offshore Wind Policy Directions Paper, includes procuring projects that will generate at least 2 gigawatts (GW) of offshore wind online by 2032 – enough to power 1.5 million homes - creating thousands of jobs in the process.
The first power from offshore wind is expected as soon as 2028 following a competitive process – and targets of 4 GW have been set for 2035 and 9 GW for 2040.
Winds off Victoria’s coastline are among the best in the world and the resource can support a thriving new industry − one that will create thousands of jobs, drive economic development and help Victoria halve emissions by 2030 and reach net-zero emissions by 2050.
Studies show the state has the potential to support an enormous 13 GW of capacity from coastal regions by 2050 – five times the state’s current renewable energy generation.
At 13 GW, these offshore wind projects would generate up to 6,100 jobs in the development and construction phase and in ongoing operational jobs.
In November last year, Victoria pledged approximately $40 million under the Energy Innovation Fund to fund feasibility studies and pre-construction development for three major offshore wind proposals: Star of the South, Macquarie Group and Flotation Energy.
Together, those three projects could generate 4.7 GW of new capacity, power around 3.6 million homes and bring more than $18 billion in new investment to Victoria.
The government will now undertake an extensive consultation process.