$600 million community boost as next wave of renewable projects power ahead

The Albanese Government has delivered another major boost to renewable generation and storage through the Capacity Investment Scheme (CIS) , supporting reliable, affordable renewable energy and more than $600 million in local community and First Nations benefits.

The 20 successful projects will provide 6.6 gigawatts (GW) of new renewable generation capacity by the end of 2030, enough to provide power for more than 3 million households.

CIS Tender 4 in the National Electricity Market (NEM) was highly competitive, drawing 84 bids representing 25.6 GW, more than four times the 6 GW target.

Twelve projects include large-scale batteries, with a combined storage capacity of 3.5 GW / 11.4 GWh or enough to support the peak load of over 2.6 million households for four hours.

Almost half of the total generation capacity will be delivered by wind projects, including Tasmania’s first CIS project, the Bell Bay Wind Farm, reflecting strong investment in Australia’s wind industry.

Together, the successful projects have committed an estimated $291 million in shared community benefits and $348 million in First Nations benefits.

Community commitments include funding for regional libraries, pools, parks and gardens as well as energy rebates for locals, financial support for biodiversity and revegetation projects, and partnerships with local TAFEs and schools.

Three projects include First Nations revenue sharing agreements, while others have committed to First Nations subcontracting, training and workforce development.

Across the 20 projects, the CIS will provide more than 12,000 construction jobs and over 1,000 long-term maintenance roles during the 20-year life of the assets, with around $17 billion in local investment, including around $1 billion in Australian steel.

The latest round builds on the success of previous rounds that are already delivering 6 GW of clean capacity nationally.

Developers will have further opportunities to grow the country’s renewables capacity, with CIS Tender 7, targeting 5 GW of NEM generation capacity, now open for registrations and bids from 14 October, followed by the next dispatchable capacity round in late November.

Quotes attributable to Minister for Climate Change and Energy Chris Bowen:

“The Capacity Investment Scheme continues to be popular and competitive, delivering cheaper, cleaner and more reliable energy for all Australians for years to come.”

“We are rebuilding Australia’s energy grid to make it modern, reliable and fair and attracting global interest in our wind and solar.

“The scheme is not only delivering clean power, but also creating thousands of high quality jobs, often in remote and rural areas, and opportunities to train the next generation of engineers, electricians and tradespeople who will build our energy future.”