The Queensland Government has introduced a new programme to support renewable energy investment and storage projects in the state.

Known as Renewables 400, the programme is part of the government’s A$1.16bn ($919m) Powering Queensland Plan. It aims to aid companies to develop large-scale renewable and battery storage projects.

The government also plans to secure up to 100MW of energy storage under the programme through reverse auction before 2020. This means that firms can bid for the lowest price required to support their projects.

Treasurer and acting energy minister Curtis Pitt said: “Successful bidders will be awarded financial contracts with the government for some or all of the electricity they generate, which will provide them with long-term certainty allowing them to secure the financing required to deliver their project.

"Successful bidders will be awarded financial contracts with the government for some or all of the electricity they generate."

“The criteria to select successful bidders will include not only price but also support for local businesses and jobs and with a view to creating a diverse mix of renewable energy generation and storage to support a secure, reliable, and affordable supply of electricity into the future.”

Companies wishing to place a bid for the project will register via the Department of Energy and Water Supply (DEWS) website.

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Pitt further added: “This early registration provides adequate time to ensure they are ready to hit the ground running when the process opens.”