The Federal Government has announced the establishment of the Renewable Energy Venture Capital Fund.
Half of the $200 million fund will be provided by the Commonwealth, with the remainder to come from Asian investor Softbank China Venture Capital.
Southern Cross Venture Partners has been appointed to manage the fund, which will invest in renewable energy projects and promote energy innovation.
Federal Energy Minister Martin Ferguson says the Government will have no say in which projects are funded.
“There is no suggestion that 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,” Mr Ferguson said.
“It is about which proposals to the fund managers actually stack up.”
The fund is expected to begin operations early next year.
