windmills and sun
Green economy,  News,  Reuters

Australia promises $1.5billion fund for renewable energy zones

According to Reuters, On Wednesday Australia announced plans to build all types of renewable energy zones, as it looks to build its renewable power capabilities and bring more clean energy into its national grid.

Australia faced a power crisis this year and narrowly averted blackouts as several coal-fired plants suffered unexpected outages and others cut output because of coal shortages.

The state of Victoria will get $1.5 billion of concessional financing for Renewable Energy Zones and offshore wind development projects.

Victoria will also get a $750 million concessional loan to secure the undersea electrical interconnection between Victoria and New South Wales.

The government also announced a $1 billion loan for Tasmania’s Tarraleah Power Station redevelopment and Lake Cethana Pumped Hydro project.