The 2011 Federal Budget released this week has provided a boost
for the renewable energy sector with two key funding investments
Partners Martin Klapper and Jonathan Fulcher discuss the details
of the proposals below.
The two key funding investments proposed include:
Funding for the Emerging Renewables Program
Funding for the Renewable Energy Venture Capital Fund
Upfront costs and high risks currently prevent many private
sector investors from investing in emerging renewable technologies.
This funding will provide support for investment in renewable
energy and technology projects.
Emerging Renewables Program
The 2011 Federal Budget provides $100 million funding for the
Emerging Renewables Program. This is an increase of $40 million
from the election commitment.
Australian businesses will benefit from this program as it will
assist in providing low-cost and emissions-free energy. The funding
will help reduce the cost of renewable energy technologies and
increase the skills of workers in the sector.
The Emerging Renewables Program will focus on providing funding
in the initial stages of a project, where risks are generally
higher. Companies that use technologies such as wave and geothermal
energy are likely to benefit the most under the program.
The program encourages funding for private sector and other
government investments that:
use renewable energy and enabling technology; or
use renewable energy measures.
It is expected that applications will be available from mid
Renewable Energy Venture Capital Fund
The Renewable Energy Venture Capital Fund (REVCF) will receive
$100 million in investment until 2023-2024.
Australian companies that commercialise renewable energy
technologies are likely to benefit from this investment. The REVCF
will provide early investment to companies that currently have
projects that are in the later demonstration stages.
The major challenge for renewable energy companies is access to
capital. The Government's role in providing capital is
therefore crucial to the commercialisation of emerging renewable
The fund will be administered by ACRE and two capital fund
managers will be appointed. Fund managers who have experience in
this type of investment and knowledge of the renewable energy and
other energy markets should apply. Applications will close mid
In September 2009 the NSW Government announced that by way of an amendment to the Trees (Disputes Between Neighbours) Act 2006 the Land and Environment Court would be given the power to resolve disputes between neighbours over high, dense hedges that severely affected views and sunlight.
The lapsing provisions within the SPA, both for development applications and approvals, are a necessary evil.
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