fbpx
13 June, 2023 · 2 MIN READ

Borumba Pumped Hydro project greenlit with $6 billion funding  

Queensland Government announces $6 billion in funding announced today for the Borumba Pumped Hydro Project.

Queensland Hydro will progress the Borumba Pumped Hydro project, subject to relevant environmental approvals from the state and federal government, following the $6 billion in funding announced today by the Queensland Government.  

This decision confirms the Queensland Government’s commitment to securing a clean energy future by sustainably planning for and constructing long-duration pumped hydro energy storage assets in Queensland. This project is key in reaching Queensland’s renewable energy targets of 80 per cent renewables by 2035 and net zero emissions target by 2050.  

The investment decision has been informed by engineering, environmental, social, and recreation studies carried out during the detailed design and cost analysis phase. Queensland Hydro delivered the Detailed Analytical Report (DAR) to the Queensland Government in March 2023.  

The total project cost is estimated to be $14.2 billion. The government will commit $6 billion in equity funding, and the rest will come from borrowing from state-owned company Queensland Hydro. 

Queensland Hydro CEO Kieran Cusack welcomed the announcement.  

“Queensland Hydro are excited and ready to go to work on the next stage of the project on the pathway to making this mega project a reality for Queensland,” Kieran said.  

“Our team is committed to the Borumba project as the first critical part of our work which will form the cornerstone of Queensland’s energy transformation.”   

The globally significant project, located near Imbil, west of the Sunshine Coast, involves the construction of a 2,000 MW pumped hydro storage facility, including six new dams, an upgrade to dam infrastructure at Lake Borumba and an underground power station. Pending successful environmental approvals, the project is targeting first power by 2030.  

The Queensland Government also confirmed that the funding announcement was the biggest single investment in Queensland’s energy infrastructure in decades.

Queensland Hydro remains committed to genuine engagement with local communities and all project stakeholders and will seek input from stakeholders and community members when determining the best allocation of funding.  

Queensland Hydro will be working closely with Powerlink as they manage a separate related project to connect the hydro facility to the grid, enabling power to be shared across Queensland. 

The Borumba Pumped Hydro project 

The Borumba Pumped Hydro project is a 2,000 MW pumped hydro energy storage system at Lake Borumba, located near Imbil, 45 minutes south-west of Gympie. 

Read more about the project here.

Published 13 June 2023