Tasmania’s Energy Minister confident investors will fund cable

Tasmania’s Energy Minister is confident investors will come knocking to fund the $3.5B Project Marinus “when the time is right”.

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TASMANIA’S Energy Minister says he expects investors to be “knocking at the door” to be part of Project Marinus.

Energy Minister Guy Barnett said the announcement by Prime Minister Scott Morrison that the underwater Bass Strait transmission cable was a national priority project was “another leap forward for Tasmania and its renewable energy future.”

That is despite there still being no clear indication who is going to actually pay for the $3.5 billion proposal.

When asked who would fund the second transmission line from Tasmania to Victoria, Mr Barnett said more would be known when the financial analysis of the project was completed and a Memorandum of Understanding drawn up.

Energy Minister Guy Barnett is confident investors will come knocking to develop the $3.5B Project Marinus. MP. Picture: Chris Kidd

Mr Barnett expects that to be “very soon.”

“The federal government is backing it in, the Tasmanian government is backing it in and I expect investors will be knocking on the door at the right time,” he said.

Mr Barnett said the design and approval process was well underway and the project would be shovel ready in 2023.

“Marinus Link represents an intergenerational opportunity to make Tasmania a global leader and the renewable energy powerhouse of Australia, and it will play a key role as we rebuild from COVID-19 by creating billions in economic growth, significant opportunities across the supply chain and jobs – particularly in regional areas,” Mr Barnett said.

Shadow Treasurer David O’Byrne has less faith the project will progress smoothly calling Mr Barnett the “missing link” in the infrastructure project.

David O'Byrne said more details were needed about the project. Picture: NIKKI DAVIS-JONES

“He clearly had no idea what Scott Morrison was re-announcing,” Mr O’Byrne said.

“With progress under the state government moving at a glacial pace the federal government has come in over the top, but still we have no details about when and how Marinus will proceed and who will fund it.

“This project is far too big and far too important to be left to this fumbling Minister.

“And another fast-track announcement from the Prime Minister does precisely nothing to progress it.”