Victoria commits $90.18m to offshore wind terminal

The project could create 2,370 jobs.

Victoria will invest $90.18m ($124.5m) in the 2026/27 Budget to progress the Victorian Renewable Energy Terminal at the Port of Hastings, a key project in Australia’s first offshore wind industry.

The funding will support environmental assessments and community consultation for the proposed heavy-duty port, where offshore wind turbines would be assembled before being transported offshore for installation.

The project is part of Victoria’s push to expand renewable energy as coal-fired power stations close, with Gippsland expected to remain a major energy hub.

Victoria’s first offshore wind auction, targeting 2 gigawatts of generation capacity, enough to power 1.5 million homes, will open in August.

The offshore wind industry is expected to create more than 2,370 jobs and attract billions in investment.

The Labor Government said the investment will help lower power prices and strengthen energy supply, whilst accusing the Liberals and Nationals of opposing renewable energy development.