Australia Renewable Energy Fund Set to Invest in Solar, Biofuels

Australia’s A$200 million ($196 million) renewable energy venture capital fund is set to unveil its first two investments in the solar and biofuels industries by the end of September.

Southern Cross Venture Partners, named manager of the fund by the Australian government in December, plans to invest in three or four companies by the end of 2012, Mark Bonnar, investment director of the company, said in an interview yesterday in Sydney. Southern Cross, with funds from Australia and a Chinese venture capital fund, expects to put as much as A$20 million into each investment, he said.

The fund is part of Australia’s plan to drive investment in wind, solar, geothermal and other clean-energy technologies. Australia, the developed world’s biggest per-capita polluter according to the government, has set a target of generating 20 percent of its power from renewable energy sources by the end of the decade. The nation also will start charging polluters for their carbon emissions in July to reduce dependence on fossil fuels and fight climate change… Read more

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