Marinus Link confirms that it has agreed to a capacity reservation agreement for a high-voltage direct current (HVDC) cable with Prysmian Powerlink.
This is part of a comprehensive and competitive tender process in a high demand global market for HVDC cable systems; critical equipment for subsea electrical interconnectors.
This agreement ensures production and offshore installation capacity for one cable of the Marinus Link project, a 750 megawatt (MW) cable system, with negotiations continuing for the second 750 MW phase.
The capacity reservation agreement has been made possible through an underwriting agreement with the Australian Government.
Marinus Link is a cornerstone project as part of the Australian Government’s rewiring the nation plan.
It will deliver more renewable generation development in Tasmania and the mainland, as well as more energy security to both Tasmania and the mainland.
Marinus will help to keep power prices lower for customers in the long term and enable more movement of energy sources through the national market.
It will unlock new storage and renewable investment in Tasmania and support the research, development, advanced manufacturing and operations of this industry, as well as deliver increased data capacity through bundled fibre optic cables.
The construction and operations of Marinus Link and its induced investment is expected to support jobs across a wide range of industries, education levels and occupations, particularly in regional areas.
Updated economic analysis from Marinus Link demonstrates that stage one is projected to deliver economic stimulus over $2 billion and over 2400 jobs, with around 1400 in Tasmania.
Project contracts for the Marinus Link project are conditional upon successful conclusion of the commercial negotiations and final investment decision in 2024.