June 27 (Renewables Now) - The Clean Energy Finance Corporation (CEFC) is investing USD 15 million (EUR 13.4m) in the Pilgangoora lithium-tantalum project in Western Australia of Pilbara Minerals Ltd (ASX:PLS).
The Australian development bank said today it was a cornerstone investor in a USD-100-million senior secured bond issued by project company Pilgangoora Operations Pty Ltd. The mine in Pilbara will produce lithia raw materials (spodumene concentrate) used in the making of lithium products for lithium ion batteries and energy storage systems.
“Lithium is an essential part of the clean energy transition, particularly as we develop enhanced battery storage technologies that will allow us to increase the use of renewable energy, both for large-scale and small-scale projects,” commented CEFC CEO Ian Learmonth. The investment is in line with CEFC’s efforts to support the development of a clean energy supply chain to facilitate Australia's transition to a low carbon economy.
The concentrate produced by Pilgangoora will be exported mainly to China under off-take agreements for processing into lithium carbonate and lithium hydroxide.
(USD 1 = EUR 0.89)