The Renewable Technology Fund will support projects that make renewable energy available "24 hours a day, seven days a week", the state government announced.
The state government said the fund comprises A$75 million ($59 million) in grant funding and $75 million in loans.
Funds will be made available for projects that could firm-up variable renewable generation, provide substantial energy storage or provide grid-scale recyclable bioenergy.
A portion of the fund has already been allocated to Tesla and Neoen’s development of a 100MW/129MWh lithium ion battery facility, due to be operational by 1 December, 2017.
In December 2015, South Australia committed to targets of 50% renewable energy generation and investing A$10 billion ($7.9 billion) in low carbon generation by 2025.
In July of this year, wind and solar energy accounted for nearly 60% of electricity supplied in South Australia, according to figures from The Australia Institute.
The state of South Australia also vowed to make Adelaide the world’s first carbon neutral city in 2015.
Companies or other organisations have until 5pm local time on 28 September to apply for funding, with successful applicants announced later this year.