Despite mention of this in material released by AusNet, there has been no decision to upgrade the 220kV to a 500kV transmission line between Bulgana and Waubra.
As part of the EES, Ausnet Services is investigating the option to increase the amount of energy unlocked in Western Victoria, by changing the voltage of the 220kV section between Bulgana and Waubra to 500kV.  It has been identified in the Renewable Energy Zone Development Plan Directions Paper and is being actively considered by the Victorian Government. Further information on the REZ priorities can be found at https://tinyurl.com/azaxc4rf If this option is progressed for this project, the terminal station to be located to the north of Ballarat may not be required for this project.
As proponent of the project AusNet Services is currently working with DELWP, AEMO and their technical consultants to understand how a potential upgrade of the line would impact on the existing project.