Commonwealth legislation

Renewable Energy Equity Fund Program (Additional Function of the IR&D Board) Direction No. 1 of 1999

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

This Direction gives the Industry Research and Development (IR&D) Board a new job: running the Renewable Energy Equity Fund (REEF) program.

What the Board can now do:

Invest Commonwealth money into managed funds (investment vehicles run by professional fund managers)
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)

Why this matters: Rather 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.

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Current sections

Direct links to the current provisions in Renewable Energy Equity Fund Program (Additional Function of the IR&D Board) Direction No. 1 of 1999.

Renewable Energy Equity Fund Program (Additional Function of the IR&D Board) Direction No. 1 of 1999

Commonwealth of Australia

Industry Research and Development Act 1986

Renewable Energy Equity Fund program (Additional

Function of the IR&D Board) Direction No. 1 of 1999

I, 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.

Dated 31 / 3 / 1999.

NICK MINCHIN

Minister for Industry, Science and Resources

Name of Direction

This Direction is the Renewable Energy Equity Fund program (Additional Function of the IR&D Board) Direction No. 1 of 1999.

Commencement

This Direction commences on the day on which the Direction is published in the Gazette.

Direction

(1) An additional function of the Board is to administer the Renewable Energy Equity Fund program.

(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.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Renewable Energy Equity Fund Program (Additional Function of the IR&D Board) Direction No. 1 of 1999