{"id":"F2008B00730","name":"Renewable Energy Equity Fund Program (Additional Function of the IR&D Board) Direction No. 1 of 1999","slug":"renewable-energy-equity-fund-program-additional-function-of-the-ir-d-board-direction-no-1-of-1999","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":72053,"registerId":"commonwealth-F2008B00730-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Renewable Energy Equity Fund Program (Additional Function of the IR&D Board) Direction No. 1 of 1999","content":"Commonwealth of Australia\n\nIndustry Research and Development Act 1986\n\nRenewable Energy Equity Fund program (Additional\n\nFunction of the IR&D Board) Direction No. 1 of 1999\n\nI, NICHOLAS HUGH MINCHIN, Minister for Industry, Science and Resources of the Commonwealth of Australia acting under subsection 19 (1) of the Industry Research and Development Act 1986, give the following direction to the Industry Research and Development Board.\n\nDated 31 / 3 / 1999.\n\nNICK MINCHIN\n\nMinister for Industry, Science and Resources\n\nName of Direction\n\n1. This Direction is the Renewable Energy Equity Fund program (Additional Function of the IR&D Board) Direction No. 1 of 1999.\n\nCommencement\n\n2. This Direction commences on the day on which the Direction is published in the Gazette.\n\nDirection\n\n3. (1) An additional function of the Board is to administer the Renewable Energy Equity Fund program.\n\n(2) The function includes investment in, or provision of finance to, managed funds to invest in, or provide finance to, companies that are eligible investee companies as defined in the REEF program, Policies and Practices Direction No. 1 of 1999, as amended from time to time.","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1545},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This is the original Direction establishing the function; it sets the baseline scope for the Board's involvement in the REEF program rather than expanding or altering pre-existing authority."},"complexity_factors":["Very short instrument (only 3 operative sections)","Single substantive delegation of authority without conditional logic or exceptions","External reference for key definitions ('eligible investee companies' defined in a separate REEF Direction)","No nested structures or cross-references to multiple Acts"],"plain_english_summary":"This Direction gives the Industry Research and Development (IR&D) Board a new job: running the **Renewable Energy Equity Fund (REEF) program**.\n\n**What the Board can now do:**\n- Invest Commonwealth money into managed funds (investment vehicles run by professional fund managers)\n- Those managed funds then use that money to buy ownership stakes in—or lend to—renewable energy companies that meet eligibility criteria defined in a separate policy document (the REEF program Policies and Practices Direction)\n\n**Why this matters:**\nRather than giving direct grants, the government is using an equity model. It provides capital to professional investment funds, which then pick and choose which Australian renewable energy companies to back. This spreads the investment risk while still supporting clean energy innovation."}},"importantCases":[],"_links":{"self":"/api/acts/renewable-energy-equity-fund-program-additional-function-of-the-ir-d-board-direction-no-1-of-1999","history":"/api/acts/renewable-energy-equity-fund-program-additional-function-of-the-ir-d-board-direction-no-1-of-1999/history","analysis":"/api/acts/renewable-energy-equity-fund-program-additional-function-of-the-ir-d-board-direction-no-1-of-1999/analysis","conflicts":"/api/acts/renewable-energy-equity-fund-program-additional-function-of-the-ir-d-board-direction-no-1-of-1999/conflicts","importantCases":"/api/acts/renewable-energy-equity-fund-program-additional-function-of-the-ir-d-board-direction-no-1-of-1999/important-cases","documents":"/api/acts/renewable-energy-equity-fund-program-additional-function-of-the-ir-d-board-direction-no-1-of-1999/documents"}}