Australian government-funded organization, the Australian Renewable Energy Agency (ARENA), released its three-year investment plan on Wednesday, which will continue to "drive Australia towards a clean energy economy."

ARENA is a government-funded organization working with industry to improve the competitiveness of renewable energy technologies and increase the supply of renewable energy in Australia. This is the agency's second General Funding Strategy and Investment Plan, covering the years 2013/14 to 2015/16.

One of the initiatives, which will start with a study, is exploring opportunities for hybrid plants where renewable energy can be cost competitive with fossil fuel generation. Adding renewable energy, such as solar thermal, to fossil fuel based energy production has the extra benefit of boosting generation capacity during times of high demand while producing less carbon pollution.

The Investment Plan also includes a focus on overcoming barriers to commercialisation of renewable energy, expanding research and development activities beyond solar technologies, etc.

"The Australian Renewable Energy Agency's (ARENA) new Investment Plan builds on over half a billion AU dollars (almost $460 million) of existing funding opportunities already on the table to increase the supply and improve the competitiveness of renewable energy technologies in Australia, and outlines the potential for five new initiatives," Resources and Energy Minister Gary Gray said.