Out-Law News | 17 Jun 2021 | 1:45 am |
According to AER chair Clare Savage, the total coast for the project is $2.28 billion, 4% down from the $2.36bn initially proposed by the New South Wales grid operator TransGrid and its south Australian section constructor ElectraNet.
TransGrid had earlier announced it had made a final decision to build its section of the 900 kilometre project, investing A$1.834 billion ($1.41bn). ElectraNet, which will construct the South Australian section, said it will consider its final investment decision in the coming days.
TransGrid’s final investment decision has been supported by a A$295 million hybrid debt instrument issued by the Australian government’s Clean Energy Finance Corporation (CEFC).
The EnergyConnect project is a 900km electricity transmission line which is expected to lower power price for homes and businesses, and to deliver $4 billion in economic benefits to NSW.
The construction work is set to start by middle of this year and complete by mid-2023.