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Investments

By 2035 Victoria will need 25 GW of new renewable energy and storage capacity. The SEC will contribute to this by investing to deliver 4.5 GW in new renewable energy generation and storage.

By 2035 Victoria will need 25 gigawatts of new renewable energy and storage capacity.

The SEC is contributing to this by investing to deliver 4.5 gigawatts in new renewable energy generation and storage. Our work will ensure Victorian households and businesses continue to have the power they need as we transition to renewable energy.

This includes working with the industry to invest in wind and solar electricity generation and energy storage.

By focusing our investments on opportunities such as storage, we can address critical system gaps and help catalyse investment in wind and solar to replace assets such as ageing coal-fired power stations.

We will leverage Victoria’s existing wind and solar projects (VRET 1 and 2 and Bulgana) to help the Victorian Government meet its pledge of using 100% renewable electricity across all its operations, facilities and services by 2025.

We are also seeking ways to provide competitive 100% renewable energy products to commercial and industrial customers so they can achieve their decarbonisation commitments.

Finally, we are exploring investment opportunities in new and emerging technologies that improve efficiency and will help Victoria maintain reliable and affordable energy long-term.

SEC’s investment principles

Our Chair Simon Corbell explains the SEC’s approach to new investments in the video below.

To deliver the greatest benefit, we have committed to applying three principles when making investment decisions. These are:

  • Public purpose: giving Victorians co-ownership of renewable energy assets through our partnerships with developers
  • Market enablement: supporting new technologies to enter the market and meet emerging needs
  • Sustainable financial returns: earning stable revenue so we can reinvest in new projects and create more jobs.

As a government owned renewable energy company, we can leverage our initial $1 billion of funding to support projects before their market signals are strong enough to incentivise other investors.

This gives us a competitive advantage and will help to accelerate the transition to renewable energy.

Our projects

The SEC is investing to deliver 4.5 gigawatts in new renewable energy generation and storage.

Our first two projects will:

Power:

250,000+

homes

Deliver:

700

megawatts of storage capacity

Generate:

119

megawatts of renewable energy

Create:

400+

full-time equivalent jobs

Melbourne Renewable Energy Hub
In November 2023, we announced a $245 million investment in one of the world’s biggest battery projects.
SEC Renewable Energy Park
Our second project, announced in November 2024, delivers the SEC Renewable Energy Park – Horsham, a 100% publicly owned renewable energy project in Victoria’s west.

How we invest:

The SEC assesses its investments against criteria that enable us to navigate market uncertainty while remaining anchored to our guiding principles.

These criteria help ensure our projects achieve sustainable returns and provide broader benefits to the Victorian public, while enabling more renewables to be built, further accelerating the energy transition.

Through this approach we will build up a 51% equity interest across our portfolio over time.

Our role as a market participant

The SEC complements the growing renewable energy market by working with industry to identify projects that will deliver renewable energy, jobs and value for Victorians.

By focusing on opportunities such as storage, we can address system gaps and build confidence for the industry to invest in projects that will accelerate the energy transition.

In the near term (2024–2028), we will focus on existing opportunities, such as supplying government and smaller commercial and industrial customers with firmed renewable energy.

We will invest in onshore wind and solar energy generation and storage so we can supply affordable, reliable renewable energy.

Over time, we will focus on long-term options, such as securing rights for long duration energy storage, and other renewable firming capabilities. We will seek to increase benefits to our commercial and industrial customers through options such as behind-the-meter assets and partnering to develop renewable industrial hubs.

Our flexibility supports us to meet emerging industry needs and take advantage of new technologies.