Government launches $200 million renewable energy venture fund
The Federal Government announced that Southern Cross Venture Partners has been appointed fund manager of the country’s largest renewable energy venture capital fund, making available a total of $200 million to support renewable energy companies from early next year.
The Australian Government’s commitment of $100 million through the Renewable Energy Venture Capital Fund will be matched dollar for dollar by Softbank China Venture Capital, which has experience in venture capital cross the Asian region.
The $200 million Southern Cross Renewable Energy Fund will assist high-potential Australian renewable energy start-up companies by making critical, early-stage equity investments.
“This fund will provide capital finance and active management to help promising Australian renewable energy companies achieve commercial success in Australia and overseas markets,” Federal Minister for Resources and Energy Martin Ferguson said.
The fund is expected to be operational in early 2012, and will actively seek further private sector funding to support its portfolio of companies.
More information on the fund is at www.ret.gov.au
More information on Southern Cross Venture Partners Pty Ltd is at www.sxvp.com