Clean Energy Finance Corporation Committed Record $837 Million In Australian Clean Energy

Australia’s Clean Energy Finance Corporation committed a record $837 million in new investments into Australia’s clean energy sector during the 2015-16 financial year.

Announced on Tuesday, the Clean Energy Finance Corporation (CEFC) revealed it had committed $837 million in new investments, contributing to projects with a total value of $2.5 billion, and bringing the Corporation’s total investment commitments since its inception in 2013 to $2.3 billion, contributing to projects with a total value of $5.7 billion.

“The CEFC is fulfilling its leadership role in transforming clean energy investment in the Australian economy,” said CEFC CEO Oliver Yates.

“This year we committed more funds to a greater number and more diverse range of investments than in any other year. We have also mobilised an even greater amount of private sector capital into clean energy activities.

“Across the economy, we are working to accelerate investment in renewable energy, increase energy efficiency in the manufacturing and transport sectors and improve energy standards in the built environment. Our investments are delivering clean energy solutions to rural and regional Australia, as well as to our cities.”

Over the last year, the CEFC invested up to $20 million in cornerstone debt financing for the Barcaldine Solar Farm, $67 million to Australia’s third largest wind farm being developed in Ararat, Victoria, and $8 million to Windlab in its commercialization of CSIRO renewable energy research. The CEFC also achieved a 73% year-on-year increase in the value of its new investment commitments.

“We are actively targeting areas of economic activity where clean energy investment can improve energy efficiency, cut carbon emissions as well as lower operating costs,” added Mr Yates.

“The CEFC’s involvement in projects continues to attract additional private sector investment, which is critical if Australia is to achieve its emissions reduction commitments and meet the Renewable Energy Target. We are pleased with the level of private sector interest we are seeing in clean energy, but this will need to further increase in the years ahead. Australia still faces a considerable investment challenge to deliver the clean energy solutions necessary to reduce emissions.”