The Clean Energy Finance Corporation (CEFC) today released its first annual report, which is also likely to be its last, as the new government plans to abolish the organisation.
The CEFC is just one of a number of Commonwealth agencies that have entered into numerous financing and funding arrangements as part of the previous government's Clean Energy Bill package.
But the future remains uncertain as many of these arrangements involve large amounts of funding over many years to complete large scale energy efficient and low pollution projects.
Despite this the new government has made it clear that it plans to pass legislation to abolish the CEFC.
In the meantime the CEFC has released its 2012/2013 Annual Report which can be found at http://www.cleanenergyfinancecorp.com.au/reports/annual-report.aspx.
It outlines the progress the CEFC made in its first year of operation promoting renewable, energy efficient investments.
The portfolio of investments, including previous Low Carbon Australia investments totalling $536 million, covers $2.2 billion worth of projects.
Every $1 the CEFC has invested has attracted $2.90 of private sector investment.
"These investments should achieve 3.88 million tonnes CO2-e emissions abatement annually. This abatement is achieved at a negative $2.40 per tonne cost to the CEFC (inclusive of government borrowing costs), meaning that the CEFC investments actually achieve a positive return for the taxpayer while assisting industry to profitably abate CO2 emissions," the report states.
"We have a total of 39 investments in the CEFC’s portfolio. Our investments represent a diverse mix across the economy and across the country, in agribusiness, property, manufacturing, utilities and local government."
These include a $100 million Energy Efficient Loan facility co-financed by CEFC with the Commonwealth Bank to provide funding to smaller businesses to take steps to be more energy efficient, and $60 million of senior debt finance has been made available to the Moree Solar Farm for the development and construction of a 56MW solar photovoltaic power plant in northern NSW.
Information about these and other CEFC investments is available at www.cleanenergyfinancecorp.com.au.
