(EnergyAsia, January 9, Friday) — The Australian government has announced that it will bring forward the full amount of its A$1.4 billion Renewable Energy Fund by half billion dollars over the next 18 months. (US$1=A$1.4).

Prime Minister Kevin Rudd said A$100 million will be available to be spent in 2008-09, and A$400 million will be available in 2009-10, subject only to availability of suitable demonstration projects.

The fund was established to help reduce the cost of demonstrating and deploying key energy technologies that may play a critical role in energy supply and security over the next few decades.

The fund includes the Renewable Energy Demonstration Program, the A$15 million Second Generation (Gen2) Biofuels Research and Development Program and the A$50 million Geothermal Drilling Program.

He said that bringing forward this funding will speed up investment in solar and renewable energy projects, complement the carbon pollution reduction scheme, stimulate the economy, and create low pollution jobs of the future.

Mr Rudd said the government believes the time has come to prepare a solar revolution, and renewables revolution, for Australia’s future.

Applications for funding through the Geothermal Drilling Program closed January 5, while applications for funding through the Second Generation Biofuels Research and Development Program will close on January 30.