Eureka have been working since April 2007 on the establishment of a new Fund to be known as the Eureka Clean Energy Fund. This Fund will focus on renewable energy projects in Australia, mainly wind farms, where the technology is mature and proven. Subject to further research and appropriate economic returns, there may be scope to invest in other renewable technologies.

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 10 years, a target investment period of 3 years with forecast return on equity across the 10 year Fund life in the mid teens. Eureka will have a clear alignment of interests with its performance fees crystallised at the end of the Fund Life based on the performance by the Fund and a co-investment in the Fund by Eureka.

Eureka is presently in the advanced stages of engagement with a number of investors and asset consultants and is targeting to close the Fund in early 2009.