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The funding is expected to create up to 22 jobs.
Ms Davidson made the announcement during a visit to the Cwmclydach Development Trust in Rhondda Cynon Taf, where a project is being developed to generate electricity from hydropower, as it as an example of the type of initiative that will be eligible for the new grant. It is hoped the project will generate income to support the sustainability of the centre from which the Trust operates.
The Welsh Assembly Government initiative is backed with over £7 million from the EU's European Regional Development Fund and will generate an investment of £15 million.
The Community Scale Renewable Energy Generation project will provide finance of £100k to £300k per project to support the development of community based renewable energy schemes such as wind, biomass and hydro power.
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The funding will enable around 22 new and existing social enterprises to install innovative technology to generate electricity which they can then use or sell to the National Grid, or even to their communities, providing an on-going source of income.
The jobs created will support the social enterprises established through the scheme.
In addition, around 135 small grants of up to £3,000 will be available to help communities to undertake feasibility studies into potential renewable energy schemes followed by 35 grants of up to £20,000 to help them develop their projects.
The investment will also focus on addressing the skills needed in the labour market to sustain a low carbon economy and the employment opportunities resulting from installing, maintaining and managing renewable energy technology.
Ms Davidson said: "It is an integral part of our One Wales agenda to cut carbon emissions and invest in the development of locally based renewable energy solutions.
"The Community Scale Renewable Energy Generation project will help realise this ambition, driving forward the way in which social enterprises can harness the opportunities presented by generating their own electricity using technologies that produce lower carbon emissions.
"This will benefit these organisations through reduced fuel costs as well as provide the opportunity to secure a sustainable income which can be used to employ staff, provide energy efficiency and fuel poverty advice, as well as other vital services, to their communities."
Projects to take part in the scheme will be identified by Development officers who will scope out prospective schemes and provide advice and support on the type of projects eligible for support.
(CD/GK)
