THE GOVERNMENT of Victoria has announced $124.5 million to progress the Victorian Renewable Energy Terminal at the Port of Hastings as part of the state budget for 2026-27.
The money is expected to progress the environmental effects statement (EES) process for the first heavy-duty port of its kind in Australia.
According to the government, this would allow companies to assemble turbines before taking them offshore to install.
The Victorian Renewable Energy Terminal is going through a full EES process, including community consultation.
Works are expected to proceed after planning approvals and environmental assessments.
In a joint statement from energy minister Lily D’Ambrosio and freight and ports minister Melissa Horne, it was stated that renewable energy was an important factor in providing affordable electricity in Victoria and harnessing Gippsland’s offshore wind resource had the potential to keep pushing prices down as coal fire power stations closed.
Renewable energy is also expected to ensure Gippsland remained the powerhouse of Victoria’s energy production.
The auction for the first two gigawatts of offshore wind energy is to open in August.
The offshore industry is expected to boost employment.
Ms Horne said the government was “investing in the technical and environmental assessments at the Port of Hastings to ensure that we are protecting the Ramsar listed wetlands and have ensured that we are on the best footing to successfully meet the Environmental Effects Statement criteria”.
The announcement was made as part of the Victorian government budget that was handed down this week.
In a statement, Treasurer Jaclyn Symes said there would be a budget surplus of more than $700 million for 2025-26 with operating surpluses over the forward estimates.
“Amid global economic challenges and unrest, the Victorian economy will continue to grow,” Ms Symes said.
“That growth will be supported by the rapid rise of cutting-edge technologies creating new solutions to old ways of working.”