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(1) The object of the Fund is to provide financial resources for the promotion, development, sustainable management and utilization of renewable energy sources.

(2) For the purposes of achieving the object of the Fund, moneys from the Fund shall be applied primarily to the provision of financial incentives, feed-in-tariffs, capital subsidies, production based subsidies and equity participation for

(a) grid interactive renewable electricity;

(b) mini-grid and off-grid renewable power systems for remote areas and island;

(c) renewable energy projects for non-electricity purposes; and

(d) any other renewable energy activity that the Commission may determine.

(3) Moneys from the Fund may be applied for

(a) the promotion of

(i) scientific, technological and innovative research into renewable energy;

(ii) research into the establishment of standards for the utilization of renewable energy;

(iii) the production or fabrication of equipment for the development and utilization of renewable energy in the country;

(iv) programmes to adopt international best practices; and

(v) innovative approaches to the development and utilization of renewable energy sources; and

(b) the development of

(i) infrastructure for renewable energy; and

(ii) capacity building for renewable energy development.

(4) For the purposes of this section, ‘equity participation’ means the participation in the ownership of an organization or venture through an investment for renewable energy.