Vic to seek fed funding for state-owned energy rebirth

March 15, 2023 07:49 AM AEDT | By AAPNEWS

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Vic to seek fed funding for state-owned energy rebirth — Image source: AAPNEWS

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The Victorian government has flagged roping in the Commonwealth to help fund the re-booted State Electricity Commission.

The Department of Energy, Environment and Climate Action was in January seeking investment advisors for the revived commission.

The advice would help it leverage investment in renewable projects by partnering with suitable co-investors, developers and financiers, it stated in a tender.

They could include private investors, superannuation funds and the Commonwealth government, the tender said.

The commission was pushing to close on a renewables project investment in Victoria this year.

The project should have a suitable co-investor, and be able to be delivered in the next three to five years, the tender stated.

"An objective of the SEC's foundational deal will be to establish SEC's credibility as a market participant and to quickly build SEC's commercial capabilities and processes," it said.

The advisors would help identify an initial pipeline of projects for the commission, consistent with a 10-year strategic plan, the tender said.

Labor has pledged an initial investment of $1 billion to deliver 4.5 gigawatts of power through renewables, creating 59,000 jobs and at least 6000 apprenticeships and traineeships.

The State Electricity Commission's revival was a key Andrews government promise in the lead-up to its thumping November election win.

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