The Australian Government has announced that the Southern Cross Renewable Energy Fund is open for business and ready to begin investing in promising Australian renewable energy companies looking to achieve commercial success domestically and abroad.
Southern Cross Venture Partners Pty Ltd was announced as the successful fund manager by Minister for Resources and Energy, Martin Ferguson AM MP in December 2011, with Softbank China Venture Capital matching the Australian Government’s $100 million investment up front and dollar for dollar.
The $200 million Southern Cross Renewable Energy Fund is now the largest venture capital fund dedicated to renewable energy in Australia.
“This is great news for renewable energy companies looking to get ahead and already the fund has received an encouraging amount of interest,” said Minister Ferguson.
“Venture capital is just one of many ways the Australian Government is supporting the development of Australian renewable and clean energy technologies.”
“The Australian Government is also supporting innovative clean energy technology through a national carbon price side by side with a Renewable Energy Target and an unprecedented $17 billion investment in clean energy technology development and deployment.”
The Southern Cross Renewable Energy Fund will make equity investments in early-stage Australian renewable energy companies to help them overcome capital constraints, develop technologies, increase skills and forge international connections.
To assist interested renewable energy companies accessing this funding Mr Mark Bonnar has been appointed as Investment Director, bringing with him technology expertise and valuable links to the renewable energy sector. Mr Bonnar will play a key role in evaluating potential investments in renewable energy companies.
The fund will actively seek private sector funding to support a portfolio of companies.
The Southern Cross Renewable Energy Fund forms part of the Australian Government’s $3.2 billion Australian Renewable Energy Agency (ARENA) when it commences on 1 July 2012.