Victoria’s share in Snowy Hydro Limited has been approved for sale by the State Government and ratified the agreement reached with the Federal Government.
The Victorian Government says it plans to use the proceeds to build productive infrastructure across Victoria and not limit the scope to metropolitan Melbourne.
The approval helps set up the proposed Snowy Hydro 2.0 initiative, which is expected to provide increased levels of renewable energy into the national energy market.
Farmers have been assured by the State Government that the agreement will not result in any changes to the current water arrangements for the state.
Snowy Hydro will remain in public ownership and the Federal Government has assured the headquarters of Lumo Energy and Red Energy will remain in Victoria.
Victorian Treasurer Tim Pallas said the proceeds will be put towards productive infrastructure across the state to benefit all Victorians.
“This is a historic deal that’s good for Victorians and good for our economy, as we continue to build the infrastructure and create the jobs our state needs,” Mr Pallas said.