Green bank to weigh in on power grid
Australia’s green bank is poised for its first investments in the power grid as it gears up for another busy year after a record 12 months of investment commitments in 2022-23.
Clean Energy Finance Corporation chief executive Ian Learmonth said the organisation is working on a broad range of grid-related projects as part of the Albanese government’s Rewiring the Nation initiative, under which an extra $19 billion was allocated to the CEFC for investment in June.
Several key transmission projects look set to be supported by the Clean Energy Finance Corporation.
“We’ve got our extra $19 billion and we are working with transmission companies, state governments and private sector proponents to build out both big transmission projects like Humelink linking Snowy 2.0 up to major load centres and as well some of the renewable energy zone transactions that are progressing,” Mr Learmonth told The Australian Financial Review.
He said the CEFC was “actively engaged” with both Humelink and the first REZ on the agenda, the Central West-Orana zone in NSW, while VNI West in Victoria is also high up the agenda.
While the transmission projects remain embroiled in social licence and planning setbacks with local communities, Mr Learmonth said the commission was working closely with the proponents on social licence where it can, while acknowledging these issues have led to delays.
The lagging build-out in the transmission grid is being blamed for growth in renewable power capacity falling behind what is needed to meet 2030 climate targets.
The commission committed $1.9 billion to new investments last financial year, including a record $1.2 billion in clean energy where its support was particularly in demand given challenges with cost
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