The Victoria Government will deliver Australia's first offshore wind farm with a solid plan to drive regional investment, slash emissions and create jobs. The first power from offshore wind is expected as soon as 2028, following a competitive process. The 4 GW (gigawatts) targets 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 that will create thousands of jobs, drive economic development and help Victoria halve emissions by 2030 and reach net-zero emissions by 2050.
The nation's leading policy, set out in the Victorian Offshore Wind Policy Directions Paper, includes procuring projects that will generate at least 2 GW of the offshore wind online by 2032 that, is enough to power 1.5 million homes and create thousands of jobs in the process.
Studies show the state can support an enormous 13 GW of capacity from coastal regions by 2050, which is five times the state's current renewable energy generation. This would generate up to 6,100 jobs in the development and construction phase and ongoing operational jobs.
Last November, Victoria pledged approximately $40 million under the Energy Innovation Fund to fund feasibility studies and pre-construction development for three major offshore wind proposals, namely 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 to ensure that local communities, Traditional Owners, and the industry collaborate on the design of the offshore wind program.