Offshore wind
23 November 2021
This project is now being taken forward by Corio Generation, a GIG portfolio company operating on a standalone basis. For more information visit coriogeneration.com
This work will involve talking to the community to ensure they are consulted, informed and heard. GIG has been awarded a $A16.1 million contributory funding agreement from the Victorian Government's Energy Innovation Fund to conduct preliminary work on a 1.5 GW wind farm. The funding will be provided subject to the project achieving certain milestones throughout its development process. The development process will include undertaking environmental, social and technical studies.
Australia has a particular set of attributes, including an abundance of wind, that make it well-placed to harness this form of clean energy cost-effectively. Offshore wind can play an important role in the overall mix of renewable energy sources that support Australia’s transition to a lower carbon economy.
Gippsland benefits from wind speeds above 9m/s and marine conditions which suit the development of offshore wind.
With established offshore oil and gas and conventional energy industries there is potential to tap into existing skills and experience to support development, construction and operation of the project.
This includes health and safety professionals, geophysical and geotechnical engineers who may have a background in oil and gas or other offshore industries, electrical and mechanical engineers who have transferable skills relevant to the design, construction and operation of offshore wind farms and specialists engaged in the manufacturing industry (e.g. welders, coating specialists, pneumatic engineers etc).
Approximate estimated capacity
If realised, the project is estimated to meet the electricity needs of more than 500,000 Victorian households
Avoiding 2,679 kt CO2e emissions per year is equivalent to taking 885,909 petrol cars off the road
We have supported around 50 per cent of the UK’s offshore wind capacity in operation and globally have a 35+ GW development pipeline of green projects, as well as 11+ GW of operational projects. We will bring this global expertise and track record to any projects we develop in Australia.
Our parent company, Macquarie has worked with governments and clients to drive the energy transition and advance practical solutions to climate challenges. They have invested and arranged finance of more than $A63 billion into green energy since 2010. They have built market leading capabilities in investing directly into climate mitigation and adaptation infrastructure and in supporting clients and portfolio companies to decarbonise their activities.
We have a careful and considered approach to engaging stakeholders and believe that project developers are responsible for consulting and informing stakeholders, addressing their queries and listening to their concerns.
We expect the project to be referred by the Victorian State and Commonwealth environmental authorities. This means that our project applications will need to be supported by both an Environmental Effects Statement (EES) and an Environmental Impact Statement (EIS). These statements will be considered by Government as part of the project approval process.
We estimate that it will take us 2-4 years to collect the relevant information to be included in the EES and EIS documentation and consultation with stakeholders is a key part of that process.
We will undertake a phased approach to consultation in order to capture information that will allow us to:
Views of the local community are important to us. We will conduct a thorough and transparent engagement process to support the project's development, and make sure the views of stakeholders and the community are considered. To support this we will:
We look forward to engaging with you during this process, and encourage you to contact us so that we can include you in our project updates.
The below shows the key phases of developing an offshore wind farm.
