Victoria commits AUD 124.5 million to fund environmental assessment for Victorian Renewable Energy Terminal at Port of Hastings to support offshore wind development

Type: Financing · Technology: Offshore Wind · Country: Australia · Value: AUD 124.5M · Announced: 2026-05-06

The Government of Victoria allocated AUD 124.5 million in its 2026/27 budget to advance the Environmental Effects Statement (EES) process for the Victorian Renewable Energy Terminal at the Port of Hastings. This terminal will serve as Australia's first heavy-duty port facility dedicated to assembling offshore wind turbines before installation at sea. The funding will support community consultations and environmental assessments required for planning approvals. Once operational, the terminal is expected to facilitate Victoria's offshore wind ambitions, including the upcoming auction for 2 GW of offshore wind capacity scheduled for August 2026. The project aligns with Victoria's goal to maintain low wholesale electricity prices by replacing retiring coal-fired power stations with renewable energy. At peak operations, the offshore wind industry is projected to create over 2,370 jobs and attract billions in investment.

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