A global investment consortium that includes one of Canada's largest pension funds has cited the return of certainty in the renewable energy market as the trigger to build a $450 million wind far, the third biggest in Australia, near Ararat in south-west Victoria.

The decision was taken only after the federal Parliament agreed this week to end the uncertainty that had plagued the Renewable Energy Target for more than a year and agree to a new target of 33,000 gigawatt (Gwh) hours of production by 2020.