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Australia’s Green Bank has approved its biggest investment so far-a $ 3.8 billion loan for the construction of a giant submarine power cable between the wide hydroelectric dams of Tasmania.
The record loan of the Clean Energy Finance Company of the Albanian Government announced this morning will help to build a 345-kilometer Marinus Link Inter-Connector, the second high-voltage submarine and underground cable to cross the Bass Straits connected to the Gippsland region of Tasmania.
The ship Leonardo da Vinci will be used to place the Marinus link electric cable between Tasmania and Victoria.
Marinus Link Company, which belongs to the Federal, Victorian and Tasmanian governments, agreed to continue the project of 5 billion dollars last month. The loan enabled him to reach the financial closure in the first stage of the project.
“Marinus Link Stage 1 is now completely financed, Step Stephanie McGregor said CEO. The construction will start in 2026 and will be completed by 2030 in the first stage.
Tazmania is rich in renewable energy, supplying most of its electricity from dozens of hydroelectric dams that release the water downhill to rotate turbines and create energy.
For the crowded Southeastern states of the mainland Australia, it is vital to retire to retire in Victoria and NSW by building more renewable electricity than Tasmania.
Climate Change and Energy Minister Chris Bowen supported the project.Credit: Alex Ellinghausen
This will be particularly important to meet the demand after the sun sets and outputs from the solar panels in the evenings, a problem that is currently increasing energy prices.
The connection says the other direction will allow electric flow and will provide more access to low -cost wind and solar resources from the mainland.
Federal Climate and Energy Minister Chris Bowen said that this is “one of the most important energy projects in the history of our country ve and has passed from paper plans to work on the ground”.
“Marinus link will lead to economic benefits and business opportunities throughout the country and will provide cheaper, cleaner and reliable energy to Tasmania and the east coast of Australia,” he said.
