State and fed governments join hands for major renewable energy cash splash

A joint cash splash from the federal and NSW governments aims to create nearly 4000 jobs and plug renewable power projects into the energy grid.

The state and federal government have carved out almost $8bn in funding to connect renewable energy zones across the state and plug in Snowy Hydro 2.0 into power.

The cash will back eight transmission and renewable energy projects that will connect NSW’s energy grid and create more than 3900 jobs.

Prime Minister Anthony Albanese said the funding will support critical transmission infrastructure like Sydney Ring, VNI West and HumeLink.

“The Commonwealth has worked hand in glove with the states and territories to shield Australian households and businesses from the worst impacts of the energy crisis caused by Russia’s illegal invasion of Ukraine,” he said.

Snowy Hydro CWP Bango wind farm near Yass in NSW. Picture: Supplied

“But as well as that critical short-term action, the Australian economy can seize the opportunity of more affordable and reliable renewable energy over the long term – creating jobs in the regions that have always powered Australia, and insulating ourselves from global fossil fuel shocks at the same time.”

NSW Premier Dominic Perrottet said the joint $7.8bn funding supports the projected $32 billion in private investment for regional energy infrastructure by 2030.

“This is our opportunity to invest in our future industries that will drive jobs and wealth creation in our State.”

Treasurer and Energy Minister Matt Kean added: “This is a huge win for NSW that will create new energy jobs across the state and unlock cleaner, cheaper and more secure energy.”