Document ID: chunk:federal_register_of_legislation:F2023L01023:body:0:p8
Version: federal_register_of_legislation:F2023L01023
Segment Type: other
Provision Reference: 
Character Range: 19425–22404

to leverage at least $500 million from the private sector across the portfolio of investments made under this fund.
Investment factors
Consistent with the obligation to deliver on the object of the Act, the Board must have regard to positive externalities and public policy outcomes for its investments.
    In considering investment proposals under the Powering Australia Technology Fund, the Board shall prioritise projects that support the growth or expansion of clean energy technology projects, businesses and/or entities (of any form including, without limitation, companies and funds) to facilitate the development, commercialisation or take up of clean energy technologies.

Benchmark rate of return
In relation to investments made for the purposes of the Powering Australia Technology Fund, the Board must target an average return of at least the 5-year Australian Government bond rate +1 per cent per annum over the medium to long term. Performance against this benchmark will be measured before operating expenses and any concession charges, such as impairment or mark-to-market adjustments resulting from any concessional component.
Risk level
In targeting the benchmark return for the Powering Australia Technology Fund and operating with a commercial approach, the Board must seek to develop a portfolio that in aggregate has an acceptable but not excessive level of risk, having regard to the terms of the Act and the focus on particular areas identified in this subsection.
The level of risk deemed acceptable by the Board may be higher for the Powering Australia Technology Fund than for the General Portfolio. This reflects the differences in the types of investments being made for the purposes of the Powering Australia Technology Fund, which will focus on earlier stage technologies and projects. The Board must periodically review its investment practices for the purposes of managing the risk of the Powering Australia Technology Fund portfolio over time and must advise the responsible Ministers of specific measures taken in this regard.
      (4)    Household Energy Upgrades Fund:
Funding
The Board:
      (a)   shall, from the date agreed between the Board and the nominated Minister, make available up to $1 billion (the Household Energy Upgrades Funding Amount) for concessional finance to support the private sector to provide concessional loans to incentivise the uptake of clean energy technology measures for residential dwellings;
      (b)   must aim to leverage at least an amount equal to the Household Energy Upgrades Funding Amount from the private sector across the portfolio of investments made under this fund.
Investment factors
Consistent with the obligation to deliver on the object of the Act, the Board must have regard to positive externalities and public policy outcomes for its investments.
The Fund must support clean energy technology measures for existing residential dwellings and knock down rebuild projects that exceed the