Projects under pioneering auction to generate $1.1bn economic investment
Allens and MinterEllison have confirmed that they played key roles in Victoria’s first renewable energy auction.
The legal giants were among the three panel firms that advised the Department of Environment, Land, Water & Planning (DELWP) on the implementation of the Victorian Renewable Energy Target (VRET) program’s reverse auction. Corrs Chambers Westgarth also advised the state on the deal.
The recently concluded auction exceeded its original target of 650MW by almost 45% as the six successful bids committed to the delivery of 928MW of renewable energy. All in all, the projects will generate $1.1bn of economic investment in regional Victoria and create more than 900 jobs.
Allens fielded a team that was led by partner Paul Kenny. Partners Penny Alexander and David Donnelly, associate Amy Byrne, and lawyer Rujuta Natu also advised. Allens said it advised on all legal aspects of the auction design and tender documentation.
“The Victorian renewable energy auction scheme is an important component of the Victorian government's renewable energy agenda, and will be critical to ensuring the state meets its targets of 25% by 2020, rising to 40% by 2025,” Kenny said.
The MinterEllison team was led by partner Kylie Diwell, who was supported by partner Peter Block, senior associate Darshini Nanthakumar, and special counsel Fiona Lewis.
“In a time of considerable national uncertainty regarding energy and climate policy, we assisted the Victorian government to design and implement the reverse auction process which achieves both private sector commitment and a value for money outcome for the state, providing a strong platform for kick-starting Victoria's renewable energy future,” Diwell said.
MinterEllison has in the past worked on Victoria’s Energy Storage Initiative. It has also advised Regional Development Victoria on its $100m grant funding for the Energy for the Regions Program. The firm also advised the state government in its CarbonNet Project.
