The Australian Renewable Energy Agencys (ARENA) has released its inaugural funding strategy, marking the beginning of its investing in renewable energy technologies in Australia.

 

Federal Minister for Resources and Energy, Martin Ferguson, said the release of the General Funding Strategy and Investment Plan is a key step towards increasing the supply and improving the competitiveness of renewable energy technologies in Australia.

 

Today ARENA has sent a clear signal to investors about how it will help to achieve one of the most important objectives of the Australian Government's Clean Energy Future package: bringing more efficient and competitive renewable energy technologies to the market," Mr Ferguson said.

  

Under the strategy, ARENA now has $2.2 billion in yet to be committed funding ready to be directed at projects it deems have the greatest potential to drive change in the renewable energy sector.

 

"By 2035, clean energy sources could potentially supply about 40 per cent of Australia's electricity needs, or around four times as much as today,” Mr Ferguson said.

 

The General Funding Strategy, Investment Plan and technology fact sheets are available at www.arena.gov.au.