Star of the South welcomes Victorian offshore wind targets
Wind turbines could be spinning off Victoria’s coast by 2028 with the Victorian Government today announcing targets to build up to 9GW of offshore wind by 2040.
Star of the South welcomes the release of the Offshore Wind Policy Directions Paper, which sets out how and when an offshore wind sector could be developed to deliver clean energy, cut emissions and create new jobs for Victorians.
The plan puts Victoria at the forefront of an exciting new industry that will create new jobs and supply chain opportunities and paves the way for Star of the South – an up to 2.2.GW project proposed off the south coast of Gippsland.
Star of the South is the first and most progressed offshore wind project in Victoria and is being developed to deliver clean energy to the grid by 2028 – coinciding with the planned closure of the Yallourn Power Station.
Star of the South is expected to generate 2,000 Victorian jobs over its lifetime with direct investment of $8.7 billion into the Victorian economy.
The project 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 Victoria 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 release of the Victorian Offshore Wind Policy Directions Paper today and congratulate the Victorian Government on its leadership in setting strong targets for offshore wind”.
“It’s exciting to see the scale of this ambition, with the aim of first power by 2028, which will kick-start a new industry for Victoria”.
“This plan helps pave the way for the up to 2.2GW Star of the South project off the coast of Gippsland, which would harness Bass Strait’s strong offshore wind – powering homes with clean energy and creating around 2000 Victorian jobs over its lifetime”.
“Offshore wind offers a bright future for Victoria and will continue Gippsland’s proud history of power generation into the future – creating clean energy, new jobs and investment in the region as coal plants retire over the coming decades”.
“We’ll review the Directions Paper in detail over the coming days to learn more and look forward to supporting government to deliver on its strong offshore wind ambition of 9GW by 2040“.
Quotes attributable to Head of CIP Australia, Jørn Hammer
“The Victorian Government’s ambitious targets will help attract the services and supply chain needed to make offshore wind a success in Australia”.
“CIP has the unique global experience and capital to help government realise their ambitions – starting with the industry leading Star of the South project”.
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, Hamburg, London, New York, Tokyo, Utrecht and Melbourne.
CIP manages eight funds and has approximately EUR 16 billion under management. PensionDanmark was founding and sole investor in CI I and CI A I. Today 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 e.g. EIB.
CIP was founded in 2012 by senior executives from the energy industry in cooperation with PensionDenmark.