The NSW Government’s Investment Delivery Authority (IDA) has received 48 major investment proposals worth $136 billion in just 10 weeks since it opened the first round of expressions of interest.
Treasurer Daniel Mookhey announced IDA in the June budget, setting aside $17.7 million to get it up and running to “cut through red tape” and accelerate approvals for major projects in technology, renewable energy worth more than $1 billion and $200 million for hotels.
All up, the IDA received 22 projects involving renewable energy and energy security, worth a combined at $63 billion, and 23 projects for data centres and technology totalling $72 billion, plus three hotel projects worth $860 million.
“Every proposal submitted meets the IDA’s eligibility threshold, which speaks to the scale and ambition of these investments. This is exactly the kind of private sector-led growth we want to accelerate,” Treasurer Mookhey said.
The IDA, a panel of senior government departmental officials from the Premier’s department, Treasury, planning and infrastructure will now assess the projects for backing.
The criteria for support include aligment with the government’s investment interests, an ability to implement the project quickly, a material benefit NSW economic growth and the ability to attract further investment over time.
If endorsed, they’ll receive specialist government support such as a dedicated planning assessments team from the Department of Planning, Housing and Infrastructure (DPHI) and a multi-agency Investment Taskforce in the Premier’s Dept.
The government emphasised that endorsement does not mean that a project will receive planning approval.
While the projects submitted were no revealed, EOIs come just weeks after AI infrastructure startup Firmus Technologies announced a $73.3 billion plan called Project Southgate, to build data centres across Australia, including in Sydney.
Data centres are being seen as a priority area nationally as part of a push to bring Australia to the forefront of an expected artificial intelligence boom.
Premier Chris Minns said the level of interest in government fast-track support is promising.
“It shows the IDA is something investors have been waiting for,” he said.
“Our government is sending a clear message to global investors: if you bring your money to NSW, we’ll help you navigate our system.”
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