Approval of New "Transformational" Link May Boost Australia's Solar and Wind Industry

TransGrid, a transmission firm based in New South Wales, has pledged to invest $1.82 billion on a critical new transmission connection to South Australia after the Clean Energy Finance Corp stepped in to fix its financial problems with its largest-ever single financing loan.

According to Italiano, the new link will reduce carbon emissions by an estimated one million tonnes per year, generate 1,500 construction employment in regional areas, and open the path for billions of euros in other wind and solar investment. According to him, there are 3GW of new wind and solar projects in the works in NSW alone.

Transgrid had earlier requested a regulatory change that would have enabled it to expedite consumer returns to help fund the project, but it was denied.

The CEFC, on the other hand, stepped in by issuing a $295 million hybrid debt product, which represents the institution's largest single investment since its inception over a decade ago.

Work on Project EnergyConnect is planned to begin by the end of 2021 and be completed in 2023, according to Transgrid.

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