Cleanaway Waste Management Ltd has received a $90 million corporate loan from the Clean Energy Finance Corporation (CEFC).
CEFC CEO Ian Learmonth said the finance would be used across a range of eligible waste management projects, to reduce the amount of waste going to landfill, as well as generating renewable energy and avoiding carbon emissions.
“Australia currently generates around 48 million tonnes of waste a year, with as much as 44 per cent of this ending up as landfill,” Mr Learmonth said.
“It is critical that we reduce the amount of waste going to landfill and better manage landfill emissions. Cleanaway’s position as the largest waste management and industrial services company in Australia means it can lead the waste sector in demonstrating the benefits of best practice clean energy operations in reducing emissions.”
Cleanaway operates a national network of unique waste collection, processing, treatment and landfill assets from more than 180 locations across Australia.
CEFC Waste Sector Lead Henry Anning said the CEFC finance would enable the company to fast track a range of eligible projects, including facilities for organics processing and resource recovery, as well as landfill gas projects.
In its first confirmed project to draw on the CEFC finance, Cleanaway will develop a resource recovery centre at Erskine Park in NSW that will be capable of processing 150,000 tonnes of waste a year, diverting approximately 40 per cent of waste volume from landfill.
“This is a milestone transaction for the CEFC in the area of waste and bioenergy, which has a vital role to play in our clean energy transition,” Mr Anning said.
“As our first major transaction with a leading Australian waste management company, we are looking to demonstrate how clean energy technologies can be used to tackle the problem of waste emissions. Cleanaway is already using innovative solutions to generate renewable energy from waste and reduce landfill, and the company will achieve further significant emissions reductions with this CEFC finance.”
Cleanaway CEO Vik Bansal said Cleanaway was committed to helping industry, businesses and householders create a more sustainable Australia.
“We already have a strong focus on sustainable practices and we are excited about what further investment this will enable us to achieve,” Mr Bansal said.
“This CEFC finance will help us accelerate moves away from traditional landfill solutions by adopting technologies and practices that will help us achieve better environmental, social and economic outcomes.”