Star of the South welcomes historic moment for offshore wind in Australia
2 September 2021
Australia’s first offshore wind project is one step closer thanks to the Australian Government today introducing important legislation to enable clean energy projects to be built and operated off Australia’s coast.
Star of the South welcomes the introduction of the Offshore Electricity Infrastructure Bill and supports Minister Taylor’s and the Australian Government’s move to create a local offshore wind industry.
The Bill helps pave the way for the up to 2.2GW project off the coast of the Gippsland, which would harness Bass Strait’s strong offshore wind – powering homes with clean energy and creating thousands of jobs.
Star of the South will consider the detail of the Bill over the coming days but is pleased with Government’s strong commitment to work with industry to reduce regulatory barriers, enabling ongoing investment from the project’s partners Copenhagen Infrastructure Partners.
This is a clear signal to the global offshore wind market that there is a strong appetite to establish a new industry in Australia – led by Star of the South in Gippsland.
Offshore wind represents a strong economic opportunity for Australia with modelling demonstrating an estimated 3,000 direct jobs and more than $10 billion of wider economic benefits resulting from 2.2GW of offshore wind in Gippsland – primarily in regional Australia.
Star of the South is working together with Gippsland’s energy leaders and representative bodies on opportunities for Latrobe Valley workers and businesses to participate in the region’s future offshore wind industry, continuing Gippsland’s proud history of powering the nation with skilled workers.
Offshore wind can make the challenge of transitioning to a clean energy system more achievable – offsetting the loss of existing generation as it exits the market and building new generation close to load centres, reducing the need for significant new transmission infrastructure.
Star of the South involves turbines in the sea and underground cables connecting to the Latrobe Valley, powering Victorian homes. To find out more visit starofthesouth.com.au.
Quotes attributable to Star of the South CEO, Casper Frost Thorhauge
“We welcome the introduction of the Offshore Electricity Infrastructure Bill to the Australian Parliament and acknowledge the work of Minister Taylor and the Commonwealth Government in prioritising this important legislation.”
“We will look at the Bill in detail to understand what it means for developing Star of the South off the coast of Gippsland.”
“This legislation is a key step to realising Australia’s offshore wind potential and unlocking the associated economic benefits, including providing opportunities for the nation’s strong resources and maritime sectors.”
“We are excited to help create Australia’s offshore wind industry and continue Gippsland’s proud history of power generation into the future – supporting new local jobs and transitioning skills.”
Quotes attributable to Copenhagen Infrastructure Partners Partner, Michael Hannibal
“We are pleased to see the regulatory framework to build and operate offshore wind farms in Australia take an important next step.”
”The Australian Government has shown leadership in removing barriers to investment in technology that will reduce emissions, create regional jobs, and provide affordable and reliable power to Australians.”
“We look forward to the legislation being passed and thank the Australian Government for its support to develop a new offshore wind market.”
“Copenhagen Infrastructure Partners has been instrumental in commercialising offshore wind globally, and we are motivated to bring these benefits to Australia, starting with Star of the South.”
About Star of the South
Star of the South is Australia’s first offshore wind project, proposed to be located off the south coast of Gippsland in Victoria. Star of the South would help meet energy, emissions reduction and economic goals by supplying secure, reliable and affordable power into the future. Star of the South has the potential to power 1.2 million homes, or nearly 20% of the State’s energy needs.
The project is in the feasibility phase with environmental assessments currently underway to support planning and approvals. If Star of the South is approved and proceeds to construction, works could start by the middle of this decade with full power before the end of the decade.
About Copenhagen Infrastructure Partners
Copenhagen Infrastructure Partners P/S (CIP) is a fund management company focused on energy infrastructure including offshore wind, onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity and storage, and other energy assets like Power-to-X. CIP has approximately 250 employees and offices in Copenhagen, New York, Tokyo, London, Utrecht, Melbourne and Taipei.
In April 2021 CIP held final close on its global greenfield renewables energy fund, Copenhagen Infrastructure IV (CI IV). With EUR 7 billion in commitments, CI IV is the largest dedicated greenfield renewable energy fund globally and is expected to invest in greenfield renewable energy infrastructure projects with total CAPEX in excess of EUR 14 billion.
CIP has an ambition to continue its rapid growth and increase its renewable investments toward EUR 75-100 billion by 2030.
CIP’s funds have approximately 100 international institutional investors from the Nordics, Continental Europe, the UK, Israel, Asia, Australia, and North America and multi-lateral organisations.