ANNOUNCEMENT 30 Dec 2017
The Australian government-funded Clean Energy Finance Corporation allocated AUD 55 million to clean energy company Canadian Solar to finance the second phase of a solar farm in Oakey, Queensland.
NUMBER OF INTERVENTIONS
Clean Energy Finance Corporation. Media. "CEFC finance supports cleaner grid with forecasting technology at battery ready Oakey Solar Farm" Available at: https://www.cefc.com.au/media/files/cefc-finance-supports-cleaner-grid-with-forecasting-technology-at-battery-ready-oakey-solar-farm/
Australian Government. Department of Industry, Innovation and Science. Australian Industry Participation. Available at: https://industry.gov.au/industry/IndustryInitiatives/AustralianIndustryParticipation/Pages/default.aspx
On 30 December 2017, the CEFC allocated another AUD 55 million (circa USD 43 million) to develop the second phase of solar panel installation in the Oakey solar farm.
With this new debt funding, Canadian Solar will increase the capacity of the Oakey solar farm from 25 MW to 80 MW.
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 55 million (circa USD 43 million) credit line allocated to Canadian Solar, is subject to local content requirements.