Support secured for major Tasmanian energy project

The Tasmanian Government welcomes the announcement that Equis’ Bell Bay Wind Farm will receive support through the Australian Government’s Capacity Investment Scheme, marking Tasmania’s first project to be backed by the program.

Minister for Energy and Renewables, Nick Duigan, said the milestone confirms Tasmania’s leadership in the national clean energy transition.

“This is a landmark moment for Tasmania. The first Scheme allocation in the state confirms the strength of our renewable energy pipeline,” Minister Duigan said.

“The $950 million project has the capacity to generate 224-megawatts of clean, reliable energy, enough to power approximately 104,000 homes, while creating around 180 jobs during construction and 12 ongoing roles and delivering long-term benefits for regional communities.”

The Capacity Investment Scheme provides a long-term revenue safety net for renewable energy and storage projects, helping reduce financial risk and unlock private investment.

The program supports new generation and dispatchable capacity to accelerate Australia’s shift to 82 per cent renewables by 2030.

“The Federal Government’s Capacity Investment Scheme is one of the important initiatives in place to de-risk projects and build investment certainty,” Minister Duigan said.

Tasmania has negotiated 4 terawatt hours of Scheme capacity, equivalent to around 1,200 megawatts of new renewable energy generation, under the Renewable Energy Transformation Agreement signed with the Australian Government earlier this year.

“Securing this first Scheme project demonstrates that Tasmania’s clean energy potential is being recognised at a national level,” Minister Duigan said.

“We will continue to work closely with the Commonwealth to secure backing through the Scheme for more projects that support jobs, investment and our long-term renewable energy ambitions.”

The announcement follows a series of major milestones for Tasmania’s renewable energy future, including the signing of the RETA and the Final Investment Decision for Project Marinus, which will unlock new generation, enhance our opportunities in the energy market and build energy security for the state as our economy continues to grow over the decades ahead.