Novocastrian Wind, a joint venture between Equinor and Oceanex Energy, has chosen not to proceed with the feasibility licence offered by the Australian Government for its proposed 2GW offshore wind project in the Hunter offshore wind zone.
The decision was attributed to a combination of global challenges affecting the offshore wind sector and factors specific to the Novocastrian project. “We recognise this will be disappointing to many across the Hunter region and the broader energy sector,” the partners said in a joint statement.
Novocastrian Wind acknowledged recent government efforts to advance Australia’s energy transition and create a regulatory framework for offshore wind development, noting these had played a key role in the progress of early-stage proposals, including its own.
The project was established by Oceanex Energy founders Andy Evans and Peter Sgardelis in 2020, with support from Green Tower. Equinor joined the venture in late 2022, bringing international project development experience to complement Oceanex’s local expertise.
“Significant work has been undertaken” since Equinor’s entry, the joint venture said, which resulted in Novocastrian Wind being the only party awarded a feasibility licence in the Hunter zone.
The Hunter region was selected due to its established industrial base, infrastructure, regional supply chain potential, and favourable wind conditions. Despite not moving forward with the current licence, Novocastrian said the region “remains well positioned to lead Australia’s energy transition.”
Oceanex stated it remains committed to advancing offshore wind in New South Wales and supporting regional economic development. Equinor reiterated its broader commitment to renewable energy. “While we are not progressing with this feasibility licence, we believe Australia continues to have a significant role to play in the global energy transition, with its world class wind resources, industrial capability, and the potential to develop a competitive offshore wind sector over time,” the partners said.
