Minister for Energy, Environment and Climate Change Lily D’Ambrosio witnessed the signing of a Letter of Interest from the Clean Energy Finance Corporation (CEFC) to Monash University in support of Monash’s Transformative Energy Initiative – which will include new energy technologies and smart microgrids.
The Victorian Government is currently working with CEFC and Monash University to provide the renewable energy sector with confidence to invest in local projects, and emerging and innovative technology which drive economic growth and reduce emissions.
The CEFC also announced it will establish a permanent office in Melbourne in 2017 to help deliver projects to reduce carbon emissions in Victoria.
Clean Energy Finance Corporation CEO, Oliver Yates, said, “Microgrids give universities a chance to integrate electricity generation, storage and consumption. This creates a campus-wide grid solution that reduces dependence on the network, lowers energy costs and reduces emissions.”
A memorandum of understanding has also been signed between the Government and Monash University to collaborate on the initiative.
Monash University President and Vice-Chancellor Professor Margaret Gardner said, “Monash University is intent on developing innovative solutions to the challenges in energy and climate change facing our world.
“We’re pleased to work with government and industry on the Monash Microgrid as we develop and advance the latest research to secure our energy future.”
In June 2016, the Government announced new Renewable Energy Targets of 25 per cent by 2020 and 40 per cent by 2025.
The new targets are expected to deliver around 5,400 MW of renewable energy, creating approximately 4,000 new jobs at the peak of construction and bring $2.5 billion of new investment to Victoria.
“We’re striving for a strong, reliable and sustainable energy sector that minimises costs for Victorian households and businesses, creates jobs and reduces emissions,” Ms D’Ambrosio said.
“Our ambitious renewable energy targets are bolstering our reputation as a leader in clean energy.”