Eureka has been working since mid 2007 on the establishment of a new Fund to be known as the Eureka Clean Energy Fund 1.  This Fund will focus on development of and investment in wind farm projects in Australia.

The Fund strategy is to seek equity commitments of $20 to $25 million (to be drawn down over the next 2-3 years) by August/September 2009 and to then advance the investment agenda utilising this equity (and no debt) during the Fund’s life.

This should provide investors with a flexible structure, the ability to test the Australian renewable energy sector and at the end of the fund the option to significantly scale up their investment in a subsequent Eureka managed fund.

As with all of Eureka’s managed funds, the Fund will be for wholesale institutional investors only, mostly Australian Superannuation Funds and issues of alignment and transparency are paramount. It will be is a closed end fund with a target life of 2-3 years and a target investment period of 1.5 years.  Eureka will co-invest in the Fund.