ANNOUNCEMENT 14 Mar 2017

The Australian government-funded Clean Energy Finance Corporation allocated AUD 54 million to clean energy company Genex Power Ltd to finance two solar farm projects in North Queensland.

NUMBER OF INTERVENTIONS

2

  • 1 harmful
  • 1 neutral
  • 0 liberalising

SOURCE

Clean Energy Finance Corporation. Media. "CEFC finance helps convert Queensland gold mine to solar with pumped hydro storage on the horizon" Available at: https://www.cefc.com.au/media/files/cefc-finance-helps-convert-queensland-gold-mine-to-solar-with-pumped-hydro-storage-on-the-horizon.aspx

Australian Government. Department of Industry, Innovation and Science. Australian Industry Participation. Available at: https://industry.gov.au/industry/IndustryInitiatives/AustralianIndustryParticipation/Pages/default.aspx

Inception date: 14 Feb 2017 | Removal date: open ended
Still in force

State loan

On 14 February 2017, the Clean Energy Finance Corporation (CEFC) of Australia announced the allocation of AUD 54 million (USD 41 million) to Genex Power Ltd to finance an innovative large-scale solar development in North Queensland.

The objective of the debt funding is to develop a large-scale solar farm at the company's Kidston Renewable Energy Hub which will later lead to the construction of a pumped hydro storage project. 

The solar farm is expected to produce 50 MW of power when finalized.

 
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.
 

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A
Inception date: 14 Feb 2017 | Removal date: open ended
Still in force

Local sourcing

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 54 million (USD 41 million) credit line allocated to Genex Power Ltd, it is subject to local content requirements.