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Australia's CEFC finances 1.1 GW of solar, wind farms in past 12 months

Solar panels. Author: Chris Baird. License: Creative Commons. Attribution 2.0 Generic.

July 30 (Renewables Now) - In the fiscal year to end-June 2018, the Australian government's Clean Energy Finance Corporation (CEFC) invested in 10 large-scale solar projects and four wind farms, representing a combined capacity of 1,100 MW.

The CEFC said on Monday that in the past 12 months it made AUD 2.3 billion (USD 1.7bn/EUR 1.5bn) in commitments, up from AUD 2.1 billion in the previous year. These include AUD 1.1 billion in renewable energy, AUD 939 million in energy efficiency, AUD 100 million in transport and AUD 127 million in waste-related projects.

In its five years of investing, the CEFC has financed more than 20 large-scale solar projects and more than 10 wind farms, totalling over 2,400 MW across Australia. It has supported four large-scale renewable energy projects with a storage component, and another 24 smaller-scale storage projects have been financed through its co-finance partnerships.

Through the Clean Energy Innovation Fund, which is run in consultation with the Australian Renewable Energy Agency (ARENA), the CEFC has provided more than AUD 56 million in venture capital to nine innovative companies, which have together raised more than AUD 140 million.

At June 30, the CEFC's investment portfolio stood at AUD 5.3 billion. The body, which is responsible for investing AUD 10 billion in clean energy projects, said that as its portfolio matures and its finance is repaid, it will increasingly recycle its capital to continue to make a positive impact on Australia's emissions.

(AUD 1 = USD 0.740/EUR 0.632)

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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