The Australian state of Victoria has kicked off a renewable energy auction that aims to bring 650 MW of new renewable energy capacity on line by 2020.
The auction will run until February 2018 and will have a reverse auction format. Some 100 MW of the auction will be reserved for large-scale solar-specific energy projects, while the remaining 550 MW will be technology neutral, the state government said.
The auction will help Victoria to reach its renewable energy goals, which target 25 per cent of electricity generation coming from renewable sources by 2020 and 40 per cent by 2025.
“Renewable energy is key to Victoria’s future and we’re not wasting a minute – to drive new investment, create jobs and cut electricity prices,” Victoria energy minister Lily D’Ambrosio said in a statement.
“This competitive auction will provide much needed certainty to the energy industry, supporting new projects in regional Victoria,” D’Ambrosio added.