This is an LM317 based adjustable voltage regulator with a maximum output of 3V and 1.5A. The output voltage depends on the VIN, R1 and R2 values, so the circuit can be modified to use with a maximum output of greater than 3V. The maximum current output is also independent of the circuit design, it is related to the package options. In this circuit, LM317T, which is capable of transferring up to 1.5A, is used.
Since the internal reference voltage of the LM317 regulator is 1.25V, the output voltage can be also minimally 1.25V. One way to overcome this problem is using a reference voltage source built on two diodes. But this approach is mostly suitable for 1.5V to 15V regulators since the sensitivity becomes poor for the low voltage outputs less than 1.5 . On the other hand, diodes have temperature dependent forward voltages.