The Minister for Resources and Energy, Martin Ferguson AM MP, has launched the $435 million Renewable Energy Demonstration Program (REDP) and reiterated the Government's commitment to driving the deployment and commercialisation of renewable energy generation in Australia.
Speaking in Fremantle, Western Australia, Minister Ferguson said: "Australia is very fortunate to possess abundant and diverse renewable energy resources and it is far too early for us to be picking which source will provide the economic and environmental outcomes we seek in the coming decades.
"The competitive grants we launch today provide the opportunity for each of Australia's many emerging renewable energy technologies to develop toward commercialisation.
"Such a significant investment will accelerate the deployment of new renewable energy technologies. More importantly, it will demonstrate the viability of these technologies on a commercial scale."
The REDP has been designed to take proven pilot projects through to commercialisation and will stimulate more than $1 billion worth of investment; as it will require a $2 contribution to commercial demonstration from successful applicants for every $1 provided by government.
Under the REDP, grants of between $50 million and $100 million will be made to eligible companies. Registrations of Interest close on Wednesday, 4 March, and full applications close on Wednesday 15 April 2009.
Minister Ferguson said: "Renewable energy will play a vital role in Australia's energy mix but further investment is needed if renewable energy technologies are to make the leap from niche to network and compete with established energy sources.
'The Government has already mandated that 20 per cent of Australia's energy will be sourced from renewable energy by 2020 and the REDP will help determine which renewables will be commercially viable and able to meet this demand.
"There is no ambiguity about the Australian Government's commitment to driving renewable energy growth and the REDP is further evidence of our commitment to developing competitive and clean energy for the future."
For further information on the REDP visit www.ret.gov.au/energy.