Victorian households with an eligible concession card can now apply for their $100 Power Saving Bonus at Victorian Energy Compare.
Investment opportunities
Opportunities for investment in our renewable energy sector.
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Victoria’s energy market is changing.
By 2035, we will need 25 GW of new renewable energy and storage capacity. This creates unprecedented opportunities - needing an estimated $35 billion of additional investment by 2035 to achieve this goal.
To achieve our ambitious renewable energy targets, including 95% renewable electricity generation by 2035, we will need to rapidly deploy a variety of technologies across eight key subsectors:
Victoria’s strengths - a trusted location for your next energy investment
A strong economy
Victoria’s economy has experienced strong growth and was 11.5% larger in 2023-24 in real terms compared to 2018-19, before the pandemic.
Since 2014, Victoria has achieved the highest jobs growth in Australia, with employment growth rising by 20% since 2020.
World-class skilled workforce
Victoria has 2 universities ranked in the world’s top 40 and 6 within the global top 300
Victoria has strong vocational education and training options and is utilising the $50 million TAFE Clean Energy Fund to support training for renewable energy jobs.
The Victorian Government has also committed $7 million to develop new energy training pathways through VET qualifications to ensure workforce skills and future capacity align with evolving industry requirements.
Stable and trusted
Australia has a stable political environment and is a global leader in the protection of property rights, including intellectual property rights.
Victoria’s environmental, social and governance (ESG) benefits are underpinned by a fair legal system, strong governance, and an agile public service with the ability to formulate and implement sound policies.
Leading the way to net-zero
The Victorian Government has set strong targets of 95% renewable energy by 2035 and net zero by 2045.
With almost $28 billion of national funding committed towards a greener Future Made in Australia and a Net Zero Fund for industrial decarbonisation, there are strong opportunities for Victorian businesses to become part of national renewable energy supply chains.
Globally connected
Victoria provides access to domestic and international goods, services, and markets via its:
4 major seaports
a 24/7 curfew-free international airport
extensive road and rail networks.
Victoria is also home to the fastest growing export sector in Australia, growing more than $10 billion in 2023-2024.
Verifiable, ethical business practices
Our transparent and auditable local supply chains ensure alignment with responsible sourcing principles.
Proximity to Australia’s critical materials and an extensive local supply network reduces Victoria’s manufacturing carbon footprint.
Stories of success
We support businesses seeking opportunities from Victoria's clean energy transition with a variety of initiatives and programs. Here are some of the businesses that have benefited from Victoria's growing renewable energy sector.
The 2.5 MW Viva Hub electrolyser can generate up to 1000 kg per day of renewable hydrogen for use by a diverse fleet of hydrogen vehicles. It is Australia’s first commercially scaled public renewable hydrogen refuelling station. The Viva Energy Hub services a fleet of heavy fuel cell electric vehicles across multiple industry partners including Toll Group, ComfortDelGro Corporation Australia, Cleanaway and Barwon Water – showcasing the use of hydrogen to power transport operations such as road freight, public transport, municipal waste management, water treatment and general fleet.
The project received a $34 million grant from ARENA as part of their Advancing Renewables program and the Victorian Government contributed $1 million to the project via the Renewable Hydrogen Commercialisation Pathways Fund.
The 336 MW Dundonnell Wind Farm is located near Mortlake, in Western Victoria. The $560 million project was successful under the Victorian Renewable Energy Target auction scheme round 1 (VRET1) and was awarded a support agreement with the Victorian Government in late 2018. In March 2020, it was the first of the VRET1 projects to generate electricity. The project includes 80 wind turbines, each one 4.2 MW. The Dundonnell Wind Farm can produce enough clean energy each year to power about 245,000 homes. Project owner Tilt Renewables was the recipient of the Clean Energy Council’s 2020 Community Engagement Award for its extensive and tailored engagement and benefit sharing programs which address key social, economic and environmental needs of the local community and surrounding region.
Cohuna Solar Farm, owned by Potentia Energy, is a utility scale solar farm using highly efficient bi-facial PV modules.
The Cohuna Solar Farm was awarded, through a competitive tender process, a 15-year support agreement with the Victorian Government. In this way, the Cohuna Solar Farm is directly contributing towards achieving the Victorian Government’s Victorian Renewable Energy Target of 65% by 2030.
Potentia is at the forefront of integrating innovative technologies into renewable energy plants and partnered with Agriculture Victoria for use of the site for research and development activities related to agrivoltaic practices, intending to accelerate the understanding of opportunities for complementary energy and agricultural production across Australia.
The Hazelwood Battery Energy Storage System (BESS) in the Latrobe Valley is Australia’s first utility-scale energy storage system to be commissioned on the site of a retired coal-fired power plant.
Jointly funded and developed by ENGIE and Eku Energy, the 150 MW/150 MWh system has the capacity to store the equivalent energy of 30,000 residential rooftop solar systems, which it can then discharge to help meet peak demand.
With access to 1,600 MW of network transmission capacity on site, the Hazelwood BESS will play a critical role in increasing renewable energy capacity in Victoria while delivering essential system services to the grid.
Amber Electric (Amber) is an innovative energy company giving households access to the real-time wholesale price of electricity and the technology to automate their home batteries and electric vehicles. This allows households to unlock more value from their assets while accelerating the energy transition.
Founded in December 2017 with the goal of using new technologies to benefit customers and build a more sustainable world, Amber is backed by Australia’s leading venture capitalists, impact-focused investors and individuals.
Through smart meters, Amber customers can see their detailed electricity usage data in the Amber app, allowing them to shift energy use and be rewarded for using power at cheaper and greener times.
In February 2024 Victorian Government-backed investment fund, Breakthrough Victoria, announced an equity investment of $4.5m. Since this investment, Amber has grown its customer base to over 43,000 and hired over 40 people taking their total team size to >140.
Based in regional Victoria, Bortana is the first and only Australian company to manufacture and deploy battery electric vehicles tailored for use in hard rock underground mines. With a goal to create safe, durable and reliable zero emissions vehicles, Bortana has custom designed and purpose-built its product to meet Australian and international industry standards.
The 100% electric vehicles come with a 10-year expected lifespan, multiple charging options, and modular battery configurations. Bortana’s vehicles are manufactured onsite in Bendigo, giving Victoria sovereign manufacturing capability and bringing economic growth and jobs to the region.
Following 2 years of successful prototype testing in field trials across Australia, the vehicles are ready for scaled deployment to meet zero emissions targets.
Just Biodiesel is a key contributor to Victoria’s commitment to renewable fuels, specialising in biodiesel production. The company operates a state-of-the-art biodiesel manufacturing facility located in Barnawartha, Victoria. This facility was constructed in 2006 for $70 million. The feedstock for making biodiesel is a combination of tallow and used cooking oil (UCO).
The tallow is sourced from regional rendering facilities, and the UCO is collected from restaurants across the country. Just Biodiesel supplies biofuel to Viva Energy and Refuelling Solutions that is blended with mineral diesel at a ratio of around 5%. This blend is currently used in various sectors, showcasing the practical application of biodiesel in reducing carbon emissions.
We work closely with Invest Victoria and Global Victoria – the state trade and investment network – to recruit new companies to Victoria.
International investors
Contact your local Victorian Government Trade and Investment (VGTI) Office to help you navigate investment opportunities in Victoria’s Renewable Energy Sector. Visit Global Victoria to find your local office.
