The government of Australia has boosted its support of the renewable energy sector, budgeting for a A$100m ($106m) Renewable Energy Venture Capital Fund and allocating A$60m to the new Emerging Renewables programme.
The Renewable Energy Venture Capital Fund is aimed at supporting early-stage renewable energy companies, in order to compete with other energy companies.
The associated funding injection brings the level of accessible capital for the Emerging Renewables funding programme up to A$100m.
The funding allocations were announced by Australia?s Federal Minister for Resources and Energy, Martin Ferguson, as part of the federal budget.
The upcoming Emerging Renewables programme will be open to geothermal, solar, wind and wave energy technology creators and developers, including hybrid applications. It will be administered by the Australian Centre for Renewable Energy and is expected to open for application in the coming months.
Domestic geothermal company Petratherm has welcomed the latest invigoration of the renewable energy sector.
The company said it plans to apply for grant funding for a hybrid project that combines different renewable energy technologies, to complement the A$1.5m in grants it was awarded in state funding.
Its Heliotherm project seeks to combine geothermal, solar and gas technologies to produce base-load renewable power free from the intermittencies associated with some technologies.
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