ANNOUNCEMENT 08 May 2017
The Australian government-funded Clean Energy Finance Corporation allocated AUD 60 million to RATCH-Australia Corporation to finance its solar farm in Queensland.
NUMBER OF INTERVENTIONS
Clean Energy Finance Corporation. Media "CEFC large scale solar program commits over $370M to 10 projects with more than 400MW solar capacity". Available at: https://www.cefc.com.au/media/files/cefc-large-scale-solar-program-commits-over-370m-to-10-projects-with-more-than-400mw-solar-capacity/
Australian Government. Department of Industry, Innovation and Science. Australian Industry Participation. Available at: https://industry.gov.au/industry/IndustryInitiatives/AustralianIndustryParticipation/Pages/default.aspx
On 8 May 2017, the Clean Energy Finance Corporation (CEFC) of Australia announced the allocation of AUD 60 million (USD 44 million) to RATCH-Australia Corporation to help develop a solar farm in Collinsville, Queensland. The total investment volume is AUD 100 million.
The plant is estimated to generate 42.5MW which is enough energy to power 15,000 homes.
In addition to the resources provided by the CEFC, RATCH-Australia also received an AUD 9.5 million grant provided by the Australian Renewable Energy Agency (ARENA).
Clean Energy Finance Corporation
The Clean Energy Finance Corporation is a government-funded financier created to fund clean energies. To achieve these goals, the Australian government has provided credits of AUD 2 billion each year from 1 July 2013.
The statutory text, the Clean Energy Finance Act 2012, states that only solely or mainly Australian-based investments are eligible for these resources.
The Clean Energy Finance Corporation financing is subject to the Australian Industry Participation (AIP) policy. This framework states that all programs enclosed in this policy must encourage the participation of Australian companies in major public and private projects carried in the country. In this sense, companies applying for a CEFC credit line must provide an AIP Plan to demonstrate the strategy to maximize opportunities for Australian industry to participate in the project. Therefore, the AUD 60 million (USD 44 million) credit line allocated to RATCH-Australia, it is subject to local content requirements.