Clean Energy Finance Corporation releases $1B investment update

The Clean Energy Finance Corporation (CEFC) has released its 2019-20 investment update, detailing $1 billion in funding for 23 energy projects.

According to the update, the CEFC has invested $57.5 million into Western Australia’s East Rockingham waste-to-energy facility. When complete, the facility will process roughly 300,000 tonnes of residual waste each year.

“During 2019-20 we also expanded our reach, with two important changes to the Australian Government Clean Energy Finance Corporation Investment Mandate Direction,” the update reads.

These include the $300 million Advancing Hydrogen Fund and the $100 million Australian Recycling Investment Fund.

“Through the new $100 million Australian Recycling Investment Fund, CEFC finance will be used to encourage increased investment in clean energy technologies which support waste recycling, leading to lower landfill related emissions,” the update reads.

“We expect to invest in eligible larger-scale commercial and industrial projects through the Fund, typically requiring $10 million or more of CEFC debt or equity capital.”

Both the hydrogen and recycling funds will use existing CEFC finance.

“As Australia looks to drive its economic recovery, the CEFC will continue to play an important role in driving investment in our energy future, which will also create vital new jobs,” Finance Minister Mathias Cormann said.

“The CEFC’s two most recent initiatives in the Advancing Hydrogen Fund and the Australian Recycling Investment Fund have enabled the CEFC to expand their reach to create win-win opportunities to contribute to emissions reduction and provide a return to taxpayers.”

The CEFC also committed up to $50 million in project finance for South Australia’s “world’s biggest battery” project, which seeks to improve grid security and maximise the benefits of renewable energy.

A further $16.6 million was invested in cleantech via the Clean Energy Innovation Fund, including funding for the Soil Carbon Company to develop microbial treatment to increase organic carbon in soils.

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