Australian State Sets Aside AUD 124.5 Million for Offshore Wind Terminal

The Government of Australia’s state of Victoria has committed AUD 124.5 million in the 2026/27 budget to progress environmental assessment of the Victorian Renewable Energy Terminal at the Port of Hastings – an important piece of infrastructure to support the state’s offshore wind ambitions.

This funding will progress the Environmental Effects Statement (EES) process for the first heavy-duty port of its kind in Australia.

This would allow companies to be able to assemble turbines before taking them offshore to install.

The Victorian Renewable Energy Terminal is going through a full EES process, including community consultation, the government said.

Following planning approvals and environmental assessments, works can then proceed.

Victoria already has the lowest wholesale electricity prices in the country because of renewable energy.

Harnessing Gippsland’s offshore wind resource has the potential to keep pushing prices down as old coal fire power stations close, the government said in a statement.

The auction for the first 2 gigawatts of offshore wind energy in the state of Victoria will open in August. That’s enough energy to power 1.5 million homes.

At its peak, the offshore industry is expected to create over 2,370 jobs and generate billions in investment, the government said.

Minister for Ports and Freight, Melissa Horne, said: ”We are investing in the technical and environmental assessments at the Port of Hastings to ensure that we are protecting the Ramsar listed wetlands and have ensured that we are on the best footing to successfully meet the Environmental Effects Statement criteria.”

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