Australia Offers Renewable Energy Funds

The eleventh funding round of the Australia’s New South Wales (NSW) Renewable Investment Program is now open for project bids. Total funding of $2.0 million (US$1.5 million) is available from the NSW State Government for renewable energy projects that are nearing commercial realization. The program promotes renewable energy generation, or the substitution of fossil fuels by renewable sources.

Sydney, Australia – February 4, 2004 [SolarAccess.com]The eleventh funding round of the Australia’s New South Wales (NSW) Renewable Investment Program is now open for project bids. Total funding of AUD$2.0 million (US$1.5 million) is available from the NSW State Government for renewable energy projects that are nearing commercial realization. The program promotes renewable energy generation, or the substitution of fossil fuels by renewable sources. NSW Government start-up funding has helped many of the landmark renewable energy projects in the State. A local first, a food waste to energy generator in Camellia, Sydney’s Western Suburbs was launched in February 2003 with assistance from the program. In total the program has provided AUD$23 million (US$17.6 million) in grants and low interest loans to projects incorporating energy from wind, solar, hydro and biomass as well as biofuels production. Funding often helps to gain other, larger investors, and has so far secured more than AUD$114 million (US$87.3 million) in private sector capital to the State. The program focuses on developing and demonstrating new technologies or the new application of existing technologies. Eligible projects under the program must: – be based on renewable energy resources – reduce greenhouse gas emissions in NSW – involve electricity generation, cogeneration, the production and use of renewable fuels, or other renewable energy technologies – have a power output of more than 25kW (electrical) or 360MJ (thermal) – be located in NSW – comply with the principles of ecological sustainable development – be ready for funds payment by 30 June 2004 Renewable energy resources eligible under this program include solar, wind, hydro, biomass, geothermal, wave and tidal power. Applicants are invited to bid for low-interest loans in a competitive process to achieve the maximum value from the available funds. The program is not intended to support research, however, demonstration projects involving new commercially sound technologies are eligible under the program. Applications close 5pm on Friday 5 March 2004.
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