A new venture fund that has raised $1 billion has signed a deal with a national renewable energy retailer to help finance the rollout of a cleaner energy future.
Key points:The Australian Renewable Energy Agency (ARENA) is the Australian government agency that sets renewable energy targets, and provides funding for the state and territory governmentsThe fund has been formed to help the state government fund its clean energy ambitionsThe ARENA invests in companies that deliver clean energy, and the fund will provide up to $1 million in funding to support projects that help accelerate the shift to cleaner energyThe ARENA is set to launch its new Clean Energy Fund, which is intended to help state and territories to unlock renewable energy potential and support their transition to a low carbon economyThe Australian Capital Territory is in the lead in the clean power sector, and has signed up to the ARENA Clean Energy fund.
Under the Clean Energy Alliance, the ARENa will fund companies that will provide clean energy solutions to communities and businesses, helping to unlock new investment opportunities.
The fund will fund up to five companies per region and will be allocated between $1m and $5m per project.
The ARANA is a federal government agency with responsibility for clean energy and climate change, and is responsible for developing Australia’s clean energy targets and providing funding for state and territorial governments.
In an emailed statement, the agency said it was “excited” to partner with the fund and that the ARANA was “well positioned to help us achieve our clean energy objectives”.
“This partnership will ensure that the Australian Capital Territories can make the most of our clean and affordable energy opportunities,” the agency added.
The new fund will be available to all Australians, regardless of their current renewable energy purchase agreement with their electricity provider.
“Our clean energy sector is the fastest-growing sector in the country, and we need to keep it going to keep Australians safe, secure and green,” said Australian Renewables Association chief executive Greg Harrison.
The Australian Clean Energy Council (ACEC), which represents energy producers, is set up by the ARNEA, with the aim of helping businesses to develop their clean energy plans and businesses to increase their carbon capture and storage capacity.
“The ACEC will provide an extra layer of funding to the ACEC to help local governments fund their clean electricity plans,” ACEC president Tim Scott said.”ACEC’s support is a great way for the government to keep Australian energy companies competitive with their competitors, to invest in clean energy projects and to help them create more jobs.”
The ARNEa’s Clean Energy Advisory Committee (CAC) is set for its annual meeting in Canberra on November 9, and will work with the ACEMC and ACEC.