Snowy Hydro 2.0 has been officially approved by the Federal Government and is expected to create 2400 construction jobs over the life of the billion dollar project.
The project will expand upon the Snowy Mountains Scheme and aims to make renewables reliable, reduce volatility and drive affordability in energy markets.
It will increase energy generation capacity by 2000 megawatts and provide 175 hours of energy storage, which is enough to power the equivalent of 500,000 homes during peak hours.
Following the Snowy Hydro Board’s final investment decision in December 2018, the Federal Government reviewed the projects business case and is satisfied with the projects aims and benefits.
The Federal Government will commit up to $1.38 billion in an equity investment for Snowy 2.0, with the remainder to be financed by Snowy Hydro Limited.
It will support around 5000 direct and indirect jobs across the Snowy Mountains region, providing opportunities for local businesses, improvements to local infrastructure and increased economic activity to the region.
Planning for the Snowy Hydro 2.0 project is well advanced, with the Government’s approval allowing the project to progress to the early works stage.
The decision build on the investment in Snowy Hydro following the acquisition from the New South Wales and Victorian Governments on 29 June 2018 and a new $56 million investment in the Marinus Link to support Tasmania’s Battery of the Nation project.