The Australian Government has called for applications for its $126 million Emerging Renewables program established to support promising renewable energy technology projects such as geothermal, solar and ocean.

 

The Emerging Renewables program aims to reduce the cost of new technologies, improve skills across the renewable energy industry and leverage finance from the private sector as well as state and territory governments.

 

Minister for Resources and Energy, Martin Ferguson  said the program had been designed following the Australian Centre for Renewable Energy’s (ACRE) extensive consultation with the renewable energy industry and financiers. He said the program allows a flexible approach to funding across the technology innovation chain, in line with stakeholder feedback to improve the sector’s competitiveness.

 

“For emerging technologies this flexibility is critical. It will help ensure government support is tailored to the needs of industry as they evolve over time, while also putting in place the appropriate safeguards for taxpayer funded investments.

 

The program has been boosted by $26 million with funds returned from the Geothermal Drilling Program following the failure of four funded geothermal companies to attract matching private sector funding.

 

“This takes the total program funding to $126 million. Geothermal companies will benefit from the new program design with at least one-third of the total program funding expected to be available to support geothermal energy.”

 

The program design is based on the independent ACRE Board’s Strategic Directions and provides a streamlined applications process as well as the opportunity for greater collaboration amongst applicants. It employs a continuously open application model allowing companies to submit applications as and when they need to with no arbitrary cut off dates or set funding rounds.

 

ACRE will administer the program until the $3.2 billion Australian Renewable Energy Agency (ARENA) is established.

 

“Opening the program now is important to keep up momentum in the industry and continue providing government support for renewable energy technologies as we introduce a price on carbon and establish ARENA and the $10 billion Clean Energy Finance Corporation,” Minister Ferguson said.

 

The Emerging Renewables program will fund promising renewable energy and enabling technologies under two categories: ACRE Projects and ACRE Measures. 

 

More information on these categories and a copy of the Emerging Renewables Program Information Guide for Applicants is available at www.acre.gov.au.