The Lake Lyell pumped hydro project has joined a $34.4 billion crop of NSW projects to be endorsed by a landmark investment scheme.
The Investment Delivery Authority (IDA), administered by the NSW Government, has selected 16 projects in its first tranche of support, comprising 14 energy assets (making up $34 billion in value) and two hotel projects (making up $482 million in value).
The Lake Lyell project near Lithgow is part of this brigade, which will receive specialist government support from a dedicated planning assessments team within the NSW Department of Planning, Housing and Infrastructure. This aims to cut through red tapes and expedite project passage through approvals.
IDA recognition is not an approval in itself, with all projects still needing to navigate full merit-based assessments and comply with relevant legislation and policies, both at the State and Federal level.
Through the IDA, the NSW Government aims to improve coordination across government – commonly seen as a headwind in project advancement.
“The Investment Delivery Authority is helping accelerate the NSW Electricity Roadmap to keep the lights on and make sure families and businesses have energy they can trust and afford,” NSW Minister for Energy Penny Sharpe said.
“These endorsed projects will mean more reliable and affordable power for NSW, and more jobs and investment right across the state, particularly in regional NSW.”
The Lake Lyell pump hydro project would use water from Lake Lyell, existing transmission infrastructure and the development of a purpose-built reservoir behind Mt Walker.
The operation is expected to operate for up to 80 years, generating 385 megawatts (MW) of electricity for eight hours at a time. Output can be increased to 430MW during short durations.
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