Victoria is progressing towards establishing Australia’s first offshore wind industry, aiming to deliver more renewable energy, reduce power bills, and create jobs while boosting local supply chains.
An updated Offshore Wind Energy Implementation Statement (IS4) was recently released, outlining the next steps to develop 2 gigawatts (GW) of offshore wind capacity.
A confidential Registration of Interest (ROI) process for offshore wind feasibility licence holders began last month and will close in May 2025. This step will inform the upcoming Request for Proposal (RFP) phase, scheduled to launch in September 2025. Contracts are expected to be awarded before October 2026.
Support mechanisms for project proponents include a contract-for-difference (CfD) to provide investment certainty, alongside availability payments made only when the infrastructure is generating electricity, ensuring energy security.
Community engagement is emphasized as a key part of development, with requirements for proponents to offer additional benefits to hosting communities beyond standard schemes.
The offshore wind industry will target a minimum local content of 80% during the operations and maintenance phase starting in 2032. Additionally, 10% of labor hours during this phase will be performed by apprentices, trainees, and cadets.
To support workforce needs, grants up to $4.9 million will soon be available for a Wind Worker Training Centre.
These efforts align with legislated offshore wind targets of 2GW by 2032, 4GW by 2035, and 9GW by 2040.
More information is available at energy.vic.gov.au/renewable-energy/offshore-wind-energy/offshore-wind-energy-victoria.