Minister for Energy Matt Kean has today announced the next stage in the $75 million NSW Emerging Energy Program, which encourages private sector investment in cutting edge large-scale electricity and storage projects through feasibility and capital grants.
Feasibility grants worth a total of $7.1 million have been awarded to 10 electricity projects to help get them shovel ready so that we can meet the States future energy needs. These projects are spread across seven locations in NSW, including Broken Hill, Yass and Armidale.
21 projects have also been shortlisted to receive capital funding to assist with the construction of on-demand electricity. The shortlisted projects include over 700 megawatts of on-demand electricity capacity across six technologies, including pumped hydro, gas, biogas, solar thermal, virtual power plants and batteries. The successful recipients will be announced in the first half of 2020.
“The NSW Government is committed to delivering affordable, reliable and cleaner power for NSW. The Emerging Energy Program does just that,” Mr Kean said.
“AEMO’s latest report identified that NSW is well placed to handle the summers up until Liddell’s retirement in 2023 but we’re planning for the future, looking at how we can harness tomorrow’s technology today by encouraging private capital to build the 21st century grid,” Mr Kean said.
“These projects will help show the way for new technology, making it easier for other projects to come online, increase competition and put downward pressure on prices,” Mr Kean said.
“The transformation of our electricity system is going to drive an energy construction boom, as the projects awarded feasibility grants could see almost $2 billion in private investment,” Mr Kean said.
Successful applicants can work with the Clean Energy Finance Corporation for finance through its Dispatchable Power Program.
For more information about the Emerging Energy Program visit: energy.nsw.gov.au/emerging-energy
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