The Australian Government is delivering key infrastructure to ensure energy generated by Snowy 2.0 is available across the National Electricity Market (NEM), powering thousands of households.
The government will invest $125 million through the Clean Energy Finance Corporation to help finance the development of grid infrastructure critical to the delivery of Snowy 2.0.
The announcement marks the first major grid infrastructure investment by the CEFC, which is in line with the government’s actions to secure the grid and put downward pressure on prices.
The Hon Angus Taylor MP, Minster for Energy and Emissions Reduction, said the project will ensure the benefits of Snowy 2.0 are felt across the entire NEM.
‘Snowy 2.0 is Australia’s largest renewable energy project and will deliver reliable and secure energy to thousands of Australian households and businesses,’ Minister Taylor said. ‘Importantly, as we recover from the COVID-19 recession, Snowy 2.0 will stimulate the economy and create jobs.’
Senator the Hon Simon Birmingham, Minister for Finance, said the CEFC was established to facilitate increased investment into the clean energy sector and has delivered significant projects.
‘More than 500 people and 100 local businesses have already been engaged on this project and we expect 5,000 direct and indirect jobs to be created over the life of the project,’ Minister Birmingham said.
Snowy Hydro Limited expects first power from Snowy 2.0 in 2025.
For more information, see the Ministers’ joint media release.