Announcing the move this week, Industry Minister Ian Macfarlane and Environment Minister Ian Campbell said the change would make it easier for companies in this sector to commercialise their projects.
"REDI has already provided grants totalling more than $33 million for 16 projects being undertaken in renewable energy, including transport fuels, wind farms, solar energy, geothermal and biomass technologies," the ministers said.
Macfarlane said the change would streamline applications, allowing companies to apply as they were ready to invest or embark on new projects.
"This change will speed up the turn-around on applications, allowing renewable energy companies to make major project and investment decisions in the knowledge they will have a prompt response on applications for funding," he said.
Senator Campbell said the government wanted make it easier for industry to commercialise new technologies.
“We’ve always been a can-do nation with many of our inventions having global implications. Advances in renewable energy technologies will not only help us reduce our greenhouse gas emissions but improve the industry globally,” Campbell said.
“By giving new technologies a boost at the commercialisation stage, we can create major opportunities for Australian businesses both at home and abroad.”
Applications for funding under round three of the Renewable Energy Development Initiative closed last week and the successful projects are expected to be announced in December.