Victoria has an ambitious climate change strategy. With a A$1.6 billion energy package to power Victoria’s progress towards a clean energy future, opportunities for businesses to contribute to this future are abundant.
Leading the way are projects like the Bulgana Green Power Hub, the Victorian Hydrogen Hub and the soon to be established 6 new Renewable Energy Zones across Victoria.
Research partnerships have been the key to success with many projects. Located at Australia’s top ranked university, the University of Melbourne’s Energy Institute works with the community, industry and government on some of the world's most pressing energy challenges.
Currently around 21% of power generated in Victoria comes from renewables, and with an ambitious target of 50% by 2030 as part of the renewable energy roadmap, this brings forward significant investments in new technology projects.
The state government also supports the development of community renewable energy projects. The Department of Environment, Land, Water and Planning works with the renewable energy industry, electricity networks and retailers, and consumer groups to attract and facilitate investment in renewable energy and support the development of low emission technologies.
Victoria is home to a thriving clean energy research and development industry, with major projects ranging from underground carbon dioxide storage to printed solar cells to geothermal heating and cooling of buildings.
Incentives, grants and support
Victoria’s commitment to renewable energy is heavily reflected in the budget, with new incentives and programs added to boost investment, jobs and innovation.
- The Energy Innovation Fund supports the commercialisation of innovative, transformational emerging renewable energy technologies.
- New energy technology investments includes an A$80 million package of targeted investment incentives to attract the best and brightest international companies to Victoria.
- The Breakthrough Victoria Fund is a A$2 billion Fund to drive investment in research and innovation over the next 10 years.
Your business may also be eligible for support through a range of Victorian Government grants, funds and loans, including:
- up to A$50 million in low-interest R&D Cash Flow Loans to support Victorian SMEs to develop products, services and technologies vital to the state’s future economy
- government and institutional co-investment for high-growth start-ups through the A$25.75m Venture Growth Fund
- the new A$2 billion Breakthrough Victoria Fund to ensure Victoria continues on its path to becoming a global innovation hub in key industry sectors including advanced manufacturing
- Business Victoria grants and programs.
Invest Victoria, works with international companies seeking to enter the Australian market by identifying opportunities, providing assistance with business cases, and facilitating introductions to partners, suppliers, recruiters and government agencies.
Leading clean energy companies are drawn to Victoria, including:
- Mainstream Renewable Power – a leading international developer of utility-scale wind and solar power plants.
- The Hydrogen Energy Supply Chain – a consortium of Japan’s top energy and infrastructure companies working together to establish a commercial-scale hydrogen energy supply chain.
The 200 megawatt (AC) Kiamal Solar Farm, near Ouyen in north-west Victoria, is the first Australian project for major French renewable energy producer Total Eren. On completion, the project is expected to generate enough power for 133,500 homes and abate 610,000 tonnes of carbon emissions each year.