Vic sets largest renewable energy targets

"This is all about giving certainty to industry, underwriting private sector investment," he told reporters in Bayswater on Tuesday.

"This important change will see some 12,700 jobs created, and will underpin $1.7 billion worth of investment in storage projects right across our state."

In addition to the targets, the state government has allocated $119 million towards a 125-megawatt big battery and grid-forming inverter between Bendigo and Red Cliffs, along with $38 million for battery and renewable projects in Terang, Gippsland, Barwon and Wollert.

Victoria has legislated a renewable energy target of 50 per cent by 2030 and aims to reach net zero emissions by 2050.