The Energy Innovation Fund supports the commercialisation of innovative, emerging renewable energy technologies in Victoria, required to meet the net-zero emissions by 2050 target.
The fund aims to bring intellectual property, innovation, local economic development and environmental benefits to the state, local businesses and communities. These will be achieved through supporting activities that progress innovative projects in their commercialisation continuum including feasibility/pre-investment studies, front-end-engineering-design, large scale pilots and demonstrations.
The fund is being delivered in multiple rounds. Round 1 of the EIF was dedicated to offshore wind.
Offshore wind has experienced significant global growth over the last decade due to technology advances and declining costs. The sector now has an important role in the global energy transition and pathway towards net zero emissions.
Round 1 (offshore wind) outcomes
Round 1 opened for applications in February 2021 and received a strong response, demonstrating the considerable interest and potential for the development of an offshore wind sector in Victoria.
Three projects secured funding under Round 1 with a total of $37.9 million provided to support the completion of feasibility and pre-construction activities.
|Proponent||Grant funding ($m)||Description||Location||Size (MW)||Webpage|
|Macquarie Group||16.1||Initial development phases of an offshore wind farm.||Bass Coast||1,000||Great Southern Offshore Wind Farm|
|Star of the South||19.5||Pre-construction development activities.||Gippsland||2,200||Star of the South Offshore Wind Project|
|Flotation Energy||2.3||Scoping studies and surveys.||Gippsland||1,500||Seadragon Offshore Wind Farm|
The selection of these successful projects, via an independent competitive process, will further capitalise on Victoria’s rich offshore wind resources. They will add to our understanding of the sector’s potential contribution to the future energy system.
EIF Round 1 funded projects that lead to a final investment decision and construction have the potential to create thousands of jobs and deliver significant investment, including in the regions. They will further establish renewable energy as a vibrant part of Victoria’s economy.
Round 2 (Technology Neutral) APPLICATIONS CLOSED
Applications to Round 2 of the fund closed on 23 September 2021. Round 2 was open to any renewable technology type that could support Victoria in meeting its net-zero emissions by 2050 target and met the eligibility criteria. Assessment and evaluation of Round 2 applications has commenced and successful projects supported through Round 2 are expected to be announced in 2022.