QIC seeks proposals for $200 energy fund

QIC is seeking proposals for the Queensland government's $200 million North West Energy Fund in delivering energy solutions and economic development opportunities across the region.

The announcement follows earlier engagements with potential partners, including developers, generators, electricity distributors, and suppliers earlier this year in the North West Minerals Province across Mount Isa, Cloncurry, Julia Creek, and Richmond.

The fund is considering proposals ranging from new energy generation projects, gas and battery storage systems, as well as broader support for the North West Power System.

Alongside progressing localised energy solutions, the fund will also set out the operational and infrastructure requirements to coordinate and de-risk future investments in the region, informing planning for the CopperString Western Link between Hughenden and Mount Isa, QIC said.

QIC has released investment guidelines to support the call for proposals, focusing on key criteria around reaching commercial operations by 2030 and improving energy costs around the region.

Commenting, QIC head of global infrastructure Ross Israel said the feedback from market sounding had provided key insights to allow QIC to fast-track opportunities to connect private capital with priority projects.

"Supporting near-term investable projects that deliver reliable, affordable and sustainable energy will help unlock economic development opportunities in the North West," Israel said.

"A critical piece of this work will be undertaking the work required to define the end-state system to optimise the opportunity set in the region.

"QIC's role is to turn the objectives of the Queensland Energy Roadmap into investable projects that deliver reliable, affordable and sustainable energy and the North West Energy Fund presents a clear pathway for QIC to partner on near-term opportunities."

Meanwhile, treasurer and minister for energy David Janetzki said the fund builds on the Queensland government's commitment, including the CopperString project.

"This fund enables us to pass on the benefits of CopperString to communities west of Hughenden while advancing the accelerated delivery of the project's Eastern Link." Janetzki said.

He added the fund has backed practical projects to deliver more affordable and reliable power that drives the state's economy.

"Strong feedback was received during market sounding and new renewable energy generation to service the Dugald River Mine is already being considered, alongside other proposals," he said.

"To progress economic development in the North West, we need investment in flexible solutions that reduce the cost of energy to make industry more competitive.

"The North West Minerals Province is one of the richest mineral producing regions in the world, potentially holding $700 billion in critical minerals. Further unlocking opportunities will help deliver even more benefit for Queensland's economy."