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Government injects $1 billion into renewable energy projects

Arena-IG-jpeg-big-file-1024x724On the same day Parliament repealed the carbon tax, the Government announced it will inject $1billion into renewable energy projects being developed by the Australian Renewable Energy Agency (ARENA).

With very little fanfare, Industry Minister Ian Macfarlane yesterday announced new Board arrangements to oversee the more than $1 billion in public investment in existing ARENA projects.

A statement issued by Macfarlane’s office this morning said, “The Government supports the energy and resources sector and recognises the role renewable energy plays in Australia’s diverse energy mix.”

“Through ARENA, Australian taxpayers have invested $1 billion in a suite of renewable energy projects, which has also attracted another $1.8 billion in private investment.  The investments have been made in almost 200 projects across all stages of the innovation chain – from research in the laboratory to large scale technology demonstration projects.”

“The Government is now focused on ensuring those projects meet their agreed milestones and deliver outcomes for the sector.”