Tasmania has reached a new agreement with the Commonwealth on the Marinus Link project, reducing the financial burden on Tasmanian taxpayers.
Premier Jeremy Rockliff and Energy Minister Guy Barnett will announce the revised agreement, which comes after Rockliff expressed concerns about the significant cost increase of the project, this morning.
Under the new deal, the Commonwealth’s equity share will increase to 49%, while Tasmania’s share will decrease to 17.7%.
Victoria’s share in the project will remain at 33.3%.
The project will now focus on building one cable instead of two, with the possibility of a second cable being decided after the first cable is completed.
The agreement also allows Tasmania to sell its share of Marinus Link to the Commonwealth after completion.
Minister for Climate Change and Energy Chris Bowen said the project is projected to create over 2400 jobs, with about 1400 of those jobs being in Tasmania.
“This is a game changing project for both Tasmania and the mainland and this updated agreement will not only deliver the benefits of MarinusLink, it will be cheaper to Tasmanians,” Bowen said.
Premier Jeremy Rockliff said the outcome was great for the state.
“I’m very pleased we’ve been able to land this on the right side of our line in the sand,” Rockliff said.
“I want to thank the Prime Minister and his Minister for Climate Change and Energy for coming to the table and working with us to achieve this outcome.”
