Opportunities for investment in our renewable energy sector.
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Victoria’s energy market is changing.
By 2035, we will need 25 GW of new renewable energy and storage capacity. This creates unprecedented opportunities - needing an estimated $35 billion of additional investment by 2035 to achieve this goal.
To achieve our ambitious renewable energy targets, including 95% renewable electricity generation by 2035, we will need to rapidly deploy a variety of technologies across eight key subsectors:
The Overview of the Victorian Network Connection and Approval Process is also available and explains the process for connecting renewable energy projects to the grid – please reach out to the Business & Industry Engagement team to access this resource.
Victoria’s strengths - a trusted location for your next energy investment
A strong economy
The Australian economy is set to become the world’s 13th largest economy, according to the International Monetary Fund.
Australia’s nominal Gross Domestic Product (GDP) was around $2.67 trillion in July 2024.
Australia is a top-tier location for investment in renewable energy – ranked fifth most attractive destination in the world for renewable energy investment in 2023 by EY.
Victoria ’s economy has experienced strong growth over the last decade and is forecast to grow by 2.5% in 2023-24, outpacing all other Australian states and territories over the next 5 years.
World-class skilled workforce
Victoria has 2 universities ranked in the top 50 globally and several quality regional universities.
We have strong vocational education and training options to ensure workforce skills and future capacity align with evolving industry requirements.
Stable and trusted
Australia has a stable political environment and is a global leader in the protection of property rights, including intellectual property rights.
Victoria’s environmental, social and governance (ESG) benefits are underpinned by a fair legal system, strong governance, and an agile public service with the ability to formulate and implement sound policies.
Leading the way to net-zero
The Victorian Government has set strong net zero objectives and supporting targets of 95% renewable energy by 2035 and net zero by 2045.
The Victorian Government has underwritten significant initiatives to enable these goals.
Victoria provides access to domestic and international goods, services, and markets via its:
4 major seaports
a 24-hour international airport, and
vast road and rail networks.
Verifiable, ethical business practices
Our transparent and auditable local supply chains ensure alignment with responsible sourcing principles.
Proximity to Australia’s critical materials and an extensive local supply network reduces Victoria’s manufacturing carbon footprint.
Stories of success
We support businesses seeking opportunities from Victoria's clean energy transition with a variety of initiatives and programs. Here are some of the businesses that have benefited from Victoria's growing renewable energy sector across our energy subsectors.
The Victorian Government is supporting HAMR Energy’s Portland Renewable Fuels project, which is a world-scale green methanol development. When completed, the project will produce over 200,000 tonnes of green methanol per annum.
The Portland region, located in southwest Victoria, is uniquely placed for such a development with one of the Australia’s best renewable wind resources, a significant sustainable forestry resource and existing infrastructure including a deepwater port.
HAMR Energy has established a leading position as a renewable fuels developer in Australia and recently entered a memorandum of understanding with the Port of Melbourne and major global shipping lines to explore green methanol bunkering in Melbourne.
Since its establishment in Australia in 2002, ACCIONA Energía has built 3 wind farms across the state, publicly announced the development of an additional two wind farm projects and has multiple other projects under development.
ACCIONA Energía has a unique model to build, own and operate all of its projects across their lifetimes. As a long-term neighbour within the community, the company is focused on giving back and ensuring the benefits of its projects generate significant and positive local impact.
“Victoria’s plentiful renewable resources, highly skilled and trained workforce and accessible port and transportation network have the state a centre for renewable energy.”
- Brett Wickham, Managing Director, ACCONIA Energia Australia.
RayGen Resources Pty Ltd is a manufacturer of renewable solar generation technologies including PV Ultra, a tower mounted concentrated photovoltaic technology that delivers efficient and cost-effective solar electricity and renewable heat. PV Ultra is purpose-designed for utility projects and large behind-the-meter commercial and industrial customers.
The modularised technology allows for scaling to commercial and grid-scale applications. Modules are manufactured individually, fitted in shipping containers, and can be assembled on-site. This results in efficient freight from RayGen’s Victorian manufacturing facility to operations both locally and internationally. Paired with long-duration thermal hydro storage, RayGen’s technology can dispatch firm power to the grid through a thermally-driven Organic Rankine Cycle engine.
Zenaji is installing its Eternity Battery, with cells being warranted for 20 years or 22,000 cycles (at greater than 80%), with potential cell life of 40,000+ cycles.
The Eternity Battery is a stand-alone battery or a building block for large-scale energy storage at 48 V (LV) or higher voltages to be configured to suit inverter requirements. The sizing starts at 16 kWh and can scale up to grid scale while remaining safe with high C rates.
Built in Victoria to exacting standards, it is set to change the landscape for those wanting batteries designed to meet their long-term needs with enhanced safety and extreme cycle life.
With emerging markets for its home and small business products being established around the world, Zenaji has patented technology enabling maximum efficiency, long-life batteries to power the most demanding electricity projects.
Zenaji is currently looking at growing its manufacturing facility in Melbourne to meet high local and international demand.
Amber Electric (Amber) is an innovative energy company giving households access to the real-time wholesale price of electricity as it changes every 5 minutes.
Founded in December 2017 with the goal of using new technologies to benefit customers and build a more sustainable world, Amber is backed by Australia’s leading venture capitalists, impact-focused investors and individuals.
Through smart meters, Amber customers can see their detailed electricity usage data in the Amber app, allowing them to shift energy use and be rewarded for using power at cheaper and greener times.
Amber is currently trailing new digitally enabled SmartShift™ technology that will make home devices more intelligent by automatically running them at times when energy is cheaper and greener.
In February 2024, the Victorian Government-backed investment fund, Breakthrough Victoria, announced an equity investment of $4.5m. Since this investment, Amber has grown its customer base to over 37,000 and hired 28 people (taking the total team size to 124).
The Victorian Government provided $3 million to Chargefox to support the rollout of 7 electric vehicle charging stations across the state. The charging stations include 4 ultrarapid chargers (350 kW) and 2 fast chargers (50 kW).
There are 6 regional sites that each have 2 ultra-rapid and 2 fast charging stations. These charging stations were some of the first in the Chargefox network which is now the largest in Australia and features 2512 public plugs across 1598 charging stations nationwide as of May 2024.
Gaia EnviroTech is working closely with Sustainability Victoria (SV) on growing the bioenergy sector within the Victorian food manufacturing and intensive agriculture industries.
Funding provided by SV as part of the Waste to Energy Fund will contribute towards a commercial demonstration of onsite organic waste treatment via anaerobic digestion within the food industry, as well as determining the feasibility of establishing bioenergy hubs within regional Victoria.
In this project, Gaia EnviroTech's proprietary biodigester systems will facilitate the conversion of organic material into a vital energy resource. The technology will support businesses and industries in sustainable organic waste management and contribute to decarbonisation through the displacement of fossil fuels.
Get in touch
If you are looking for opportunities in business, investment, or trade in Victoria, we are ready to support you.
We work closely with Invest Victoria and Global Victoria – the state trade and investment network – to recruit new companies to Victoria.
International investors
Contact your local Victorian Government Trade and Investment (VGTI) Office to help you navigate investment opportunities in Victoria’s Renewable Energy Sector. Visit Global Victoria to find your local office.
