Oz gov launches $AU200m green energy fund
Softbank, Southern Cross score eco-fee bonanza
Southern Cross Venture Partners has been appointed the lead fund manager of a $AU200 million renewable energy venture capital fund, Australia’s largest to date.
The fund is expected to commence on 1 January 2012 and will be based in Sydney with additional offices in Palo Alto and Shanghai and a network of contacts and investment relationships across the three regions.
The Southern Cross Renewable Energy Fund is a 13-year co-investment arrangement established byt by the Australian Government, Southern Cross Venture Partners (SXVP) and Softbank China Venture Capital (SBCVC).
The Australian Government tipped in $AU100 million, which has been matched dollar for dollar by Asian VC giant SBCVC.
The fund aims to support Australian renewable energy start-ups with early stage investment in the $AU2 million to $AU5 million range.
Minister for Resources and Energy Martin Ferguson said “this fund will provide capital finance and active management to help promising Australian renewable energy companies achieve commercial success in Australia and overseas markets.”
SXVP and SBCVC previously collaborated on the $AU40 million Southern Cross IIF Fund, under the Australian Government’s Innovation Investment Fund program, administered by AusIndustry, which invests in a broad range of technologies. ®