ANNOUNCEMENT 01 May 2017
The Australian government-funded Clean Energy Finance Corporation and the Australian Renewable Energy Agency allocated a total of AUD 35 million to clean energy company Canadian Solar to finance two solar farm projects in Queensland.
NUMBER OF INTERVENTIONS
Clean Energy Finance Corporation. Media. "CEFC finance for large-scale solar projects helps drive investment in regional Queensland" Available at: https://www.cefc.com.au/media/files/cefc-finance-for-large-scale-solar-projects-helps-drive-investment-in-regional-queensland/
Australian Government. Department of Industry, Innovation and Science. Australian Industry Participation. Available at: https://industry.gov.au/industry/IndustryInitiatives/AustralianIndustryParticipation/Pages/default.aspx
On 1 May 2017, the Clean Energy Finance Corporation (CEFC) of Australia announced the allocation of AUD 31.5 million (circa USD 24 million) to Canadian Solar to help develop two solar farm projects in Queensland.
The objective of the debt funding is to speed up the construction of the solar farms in Oakey and Longreach which have a total estimated cost of AUD 76.2 million (USD 57 million).
The two solar farms are expected to produce 40 MW of power when finalized.
The projects will receive support from local engineering company O'Donnell Griffin Pty Ltd.
In addition to the resources provided by the CEFC, Canadian Solar also receive an AUD 3.5 million (USD 2.6 million) grant provided by the Australian Renewable Energy Agency (ARENA).
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 35 million (circa USD 24 million) credit line allocated to Canadian Solar, it is subject to local content requirements.