Victoria has become the first Australian state to set offshore wind goals, aiming at up to 9 GW of capacity by 2040. Under its new offshore wind policy, the Andrews Labor Government has set out to procure projects that will generate at least 2 GW of the offshore wind online by 2032 – enough to power 1.5m homes.
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.
In November last year, Victoria pledged approximately $40m 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 3.6m homes and bring more than $18bn in new investment to Victoria.
The Victorian government said that studies show the state has the potential to support around 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.”