The Clean Energy Finance Corporation has reported significant financial gains after just a few years of operation since it was established by the Australian government with the declaration of the Clean Energy Finance Corporation Act of 2012. In effect, every dollar invested by the Clean Energy Finance Corporation has brought in an equivalent $2.90 worth of investment from the private sector, which in total are expected to generate 3.88 million tonnes of carbon dioxide-e emissions reduction in an annual basis, proving it to be well worth the taxpayer’s money.
The corporation’s diversified portfolio includes $536 million worth of Low Carbon Australia investments as well as projects in different areas which are said to have a cumulative total of $2.2 billion. All in all, there are 39 investments in the corporation’s portfolio which are spread out across various sectors such as agriculture, property, manufacturing, utilities, solar power as well as local government. Some of these investments are detailed below:
- A partnership with the Commonwealth Bank has paved the way for the provision of funding for smaller business in the manufacturing sector coursed through a $100 million energy efficient loan facility which the CEFC is co-financing.
- A co-financed project with ANZ and EKF is set to provide a new wind farm in the vicinity of Taralga in New South Wales for support of the wind engineering sector.
- Energy Developments Limited is going to receive funds from the CEFC amounting to $75 million in corporate finance which is meant for research and development regarding waste coal, mine gas, as well as landfill gas derived power.
- The CEFC is also set to co-finance the solar power installation efforts of the Australian Agricultural Company Limited, the country’s largest beef producer. The project would also involve the cooperation of the Darling Downs Fresh Eggs in Queensland.
About Clean Energy Finance Corporation
The Clean Energy Finance Corporation (CEFC) is an initiative of the Australian government established with a $10 billion fund in line with its Clean Energy Future Package. The Clean Energy Finance Corporation is commercially oriented and aims to equalise the playing field for renewable energy in the market by coming up with projects that could overcome common market obstacles such as financing, marketing, and installation of cost-efficient and environment friendly technologies. Even so, the agency is not meant to compete with the private sector, but rather aim to support each other through join projects and funding opportunities.