A controversial new undersea cable set to be built between Tasmania and the Mainland is now officially under new ownership.
The Marinus Link Pty Ltd joint entity is now owned 49% by the Commonwealth, 33.3% by Victoria and 17.7% by Tasmania.
“The new ownership arrangement is a fulfilment of government commitments to progress this nationally significant project,” Marinus Link CEO Caroline Wykamp said.
“It is further confirmation that our shareholder governments are serious about building Marinus Link for the benefit of all Australians.”
Until today, Marinus Link Pty Limited was a subsidiary of TasNetworks, owned by the State of Tasmania.
“It was always planned and appropriate that Marinus Link would separate from TasNetworks, when ready,” Wykamp said.
“The new ownership arrangement won’t change our important relationship with Tasmania and Tasmanians. It means we can increase our focus on Victoria and the needs of our stakeholders, landholders and communities in Gippsland.”
A new Board of Directors made up of nominees from each of the three governments has been appointed.
TasNetworks has welcomed the announcement as an “important milestone” for development.
“The establishment of MLPL as a jointly owned entity provides the best possible vehicle to ensure Marinus Link can be developed in a timely and efficient way,” TasNetworks CEO Sean Mc Goldrick said.
Stage One of Marinus Link is expected to cost between $3 billion and $3.3 billion and is projected to be operational by 2030.
The cable will span 255km underwater from Tasmania’s northwest to Waratah Bay in Victoria and an additional 90km underground to Victoria’s Latrobe Valley.
