The Palaszczuk Government is establishing a Renewable Energy Fund with up to $500 million for Government investments.
The Renewable Energy Fund allows energy government-owned corporations to increase ownership of commercial renewable energy projects and supporting infrastructure, including in partnership with the private sector.
The existing skills and expertise from the energy government-owned corporations will be used to engage with market proponents and identify commercial investment proposals, with opportunities for appropriate returns for Government.
The Fund complements the commitment of $145 million to establish three Queensland Renewable Energy Zones – northern, central and southern, to support significant renewables investment.
Key investment objectives and criteria
Government-owned corporations can present investment and funding proposals to Government which will be considered based on the key objectives set by Government, including:
The Fund will consider investment proposals that support additional renewable energy generation and storage capacity in Queensland, and the transition to Queensland’s 50 per cent Renewable Energy Target by 2030. This includes, but is not limited to, solar, wind and hydro-electric generation, and supporting network infrastructure.
Investment proposals must be commercially viable.
Employment and jobs
Investments must create new and ongoing employment opportunities in Queensland consistent with the Government’s employment and procurement policies.
Investments are expected to be made progressively over the next three years as opportunities are identified, and commercial proposals are developed by government-owned corporations and approved through the Fund.
Market dynamics, the nature of the proposed investment (for example wind, solar etc) as well as other factors may also impact investment timeframes.
The Government will develop a mandate for our energy government-owned corporations to enable the Fund to commence as soon as possible.
This will include further detail in relation to the scope and operation of the Fund, and the assessment criteria for investment proposals.