CANBERRA, Feb. 21 (Xinhua) -- The Premier of South Australia state promised on Wednesday to set a renewable energy target (RET) of 75 percent by 2025 if his party wins the upcoming state election.

Jay Weatherill, whose Australian Labor Party (ALP) is considered a slight favorite to win a record fifth consecutive term in government at the March 17 election, also said he would introduce Australia's first renewable energy storage target.

He has previously said the election will act as a referendum on renewable energy as the state struggles with the highest electricity prices in the country.

Under the plan, 25 percent of South Australia's peak energy demand will be met by renewable energy, with Weatherill saying that private sector incentives would be introduced to meet the targets.

The announcement contradicts calls by Australia's federal government for state-based renewable targets to be scrapped.

Weatherill has repeatedly clashed with federal government members over his government's progressive view on renewable energy.

"It's a rejection of the federal government's approach -- and the state Liberal party's approach," he told the Guardian Australia on Wednesday.

"We're not interested in putting our leadership in renewable energy in the hands of people that don't believe in a renewable energy future."

Under a partnership with Elon Musk's Tesla, South Australia has become home of the world's largest lithium ion battery and world's biggest "virtual power plant".

South Australia currently derives 48.9 percent of its total energy from renewable sources, approaching Weatherill's previous goal of 50 percent.

Federal Energy and Environment Minister Josh Frydenberg dismissed the plan as "complete madness."

Weatherill's plan would see 15 million U.S. dollars spent on incentivizing private sector investment in renewable storage over the next four years.

The March 17 election is expected to be one of the first in Australian history where three parties have a chance of forming government with former Federal Senator Nick Xenophon's centrist SA Best outpolling the center-left ALP and center-right Liberal Party in some cases.

Steven Marshall, leader of the South Australian Liberal Party, has ruled out any support for Weatherill's plan, saying he would cooperate with the Federal Liberal National Party's preference of abandoning state-based targets.

However, in a big win for Weatherill, Xenophon backed the proposal "if it's done properly."

"If there is a proper transition and there is a guarantee it won't mean higher power prices, but indeed lower prices," Xenophon said.