The dam wall is located about 11 kilometres (6.8 mi) south west of Imbil.
This 2,000-megawatt facility aimed to power two million homes as a key component of the previous state government's renewable energy initiative.
The revised costs and timelines have been attributed to steep increases in construction expenses and protracted approval processes.
QLD Treasurer David Janetzki has criticised the previous administration for the financial and scheduling overshoots and is exploring smaller, more manageable project alternatives.
Naturally occurring blue-green algae blooms sometimes mean Seqwater closes access to the dam's water for public safety purposes.