A new bioenergy investment fund has been launched in Australia with the aim of unlocking the nation’s waste-to-energy potential.
The $150m (AUD209m) Australia Bioenergy Fund will support investment in a range of projects including energy from agricultural, council, forestry and mining waste; anaerobic digestion; sustainably sourced biomass-to-energy projects; landfill gas capture; the conversion of forestry plantation waste to wood pellets and the development of biofuels for export.
The fund will target equity investments in projects ranging from $1.5m to $75m. When fully deployed, it is expected to eliminate more than 350,000 tonnes of CO2 emissions per year.
The fund will be managed by Britain’s Foresight Group, which currently manages waste-to-energy funds for the UK Green Investment Bank and the European Investment Bank. Up to $75m in initial support will come from Australia’s Clean Energy Finance Corporation (CEFC).
Oliver Yates, CEFC CEO, said: “The Australian Bioenergy Fund will help unlock important opportunities across the economy to harness waste and turn it into energy.
“We see this new fund as playing an important role in accelerating and widening the market uptake of bioenergy and energy from waste technologies that have a proven track record overseas but are not yet widely deployed in Australia’s energy mix.”