The Australian Government has announced the establishment of a Renewable Energy Venture Capital Fund.
Earlier this year, the Government announced that it would make $100 million available for renewable energy ventures. A Chinese investor, Softbank China Venture Capital, has agreed to put another $100 million into the fund. The fund will seek further private funding.
The new $200 million fund will be managed by Southern Cross Venture Partners.
Energy Minister, Martin Ferguson, said it would be up to the venture capital fund to decide what companies to give funding to. “There is no direction. There is no suggestion they should favour one form of clean energy over another or segment the industry and decide x percentage has to be renewable or against station power or whatever,” he said. “It’s about which proposals put in front of the fund managers actually stack up.”