The Australian Government has given the green light to a major power project in New South Wales.
The Central-West Orana Renewable Energy Zone (REZ) transmission project is set to add at least 4.5 gigawatts (GW) of new network capacity, enough to power 1.8 million homes in the state.
According to the Albanese Government, it has committed $490 million in finance from its Rewiring the Nation Fund to support this initiative.
The project is expected to connect renewable energy generation and storage projects within the Central-West Orana region to the national electricity network.
Minister for the Environment and Water Tanya Plibersek said Labor is transforming Australia into a renewable energy superpower.
“I’ve ticked off more than 55 renewable energy projects in two years – enough to power more than three million Australian homes,” she said.
“We’re getting on with the job of modernising our electricity grid to support them, and this project is another big step.”
“Australians have a choice between a renewable energy transition that’s already underway and driving down prices, or paying for an expensive nuclear fantasy that may never happen.”
According to government projections, the project could lead to $240 million in savings on power bills for Australian families.
Moreover, it is anticipated to attract up to $20 billion in private investment for solar, wind, and energy storage projects, potentially creating around 5000 jobs during peak construction.
This approval marks a significant step in the government’s plan to establish Australia as a renewable energy superpower. It comes in response to the closure announcements of 24 coal-fired power plants under the previous administration, which had a total capacity of 26.7GW.
The government emphasises that this project aligns with the public mandate for progress on renewables expressed in the last election. However, the approval is subject to over 40 strict environmental conditions, including measures to protect threatened species by limiting land clearance.
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