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
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
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.
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.