First investment in renewable energy generation or storage announced by end of 2023
Begin servicing government electricity requirements from 2025
SEC to take responsibility for VRET 1 & 2 and Bulgana contracts by 2025
Build pipeline of potential assets and technologies aligned with short and long-term supply strategy
How we invest:
The SEC’s investment decisions will be assessed against investment criteria that enable us to navigate market uncertainty while remaining anchored to our guiding principles.
The criteria will ensure our investments work to achieve sustainable returns and provide broader benefits to the Victorian public, while accelerating the energy transition.
Through this approach we will build up a 51% equity interest across our portfolio over time.
Our role as a market participant
The SEC will complement the growing renewable energy market by working with industry to identify investments that will deliver renewable energy, jobs and value for Victorians.
By focusing on opportunities such as storage, we will address system gaps and help build confidence for the industry to invest in projects that will accelerate the energy transition.
In the near term (2024–2028), we will focus on addressing existing market opportunities, such as supplying government and smaller commercial and industrial customers with firmed renewable energy supply to meet their energy and decarbonisation needs. The SEC will invest in both renewable energy generation (wind and solar) and commercial storage in order to supply these customers with affordable, reliable renewable energy.
Over time, we will focus on developing long-term options, such as securing rights for long duration energy storage (LDES), and other renewable firming capabilities. In addition, the SEC will explore opportunities to increase benefits offered to commercial and industrial customers through options such as strategic behind-the-meter assets and partnering in the development of renewable industrial hubs.
Our flexibility means we can pivot to meet emerging industry needs and take advantage of new technologies in the renewables market.
Pioneer Investment market search
In May 2023, the SEC released its Pioneer Investment Mandate, detailing the project criteria to guide first investment.
Market participants were invited to submit Registrations of Interest (ROI) to identify suitable renewable energy generation and storage projects across Victoria.
The ROI phase closed on 15 May 2023.
The SEC received more than 100 Registrations of Interest from energy market participants for its pioneer investment in renewable energy generation and storage. The response represents a combined market potential of 24 gigawatts of generation capacity and 30 gigawatts of storage capacity, which are in various stages of development.
The SEC’s Pioneer investment/s will be announced by the end of 2023.
About the market search
The market search will help build a pipeline of longer-term investment opportunities, generating thousands of jobs and billions in investment while helping Victoria achieve its nation-leading renewable energy and storage targets.
- Projects that will be in Victoria and contribute to SEC’s objectives of accelerating the transition to renewable energy.
- Proven renewable energy and/or storage technologies, capable of delivering commercial returns with construction to begin as soon as possible.
- Projects with a minimum of 100 MW in size, with a preference for larger capacity. The Pioneer Investment/s may involve a portfolio of multiple projects aggregating to a larger capacity.
If you have any queries on the market search process, please email them to [email protected]