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

2

  • 1 harmful
  • 1 neutral
  • 0 liberalising

SOURCE

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

Inception date: 30 Dec 2017 | Removal date: open ended

State loan

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. 

 
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: 30 Dec 2017 | Removal date: open ended

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 55 million (circa USD 43 million) credit line allocated to Canadian Solar, is subject to local content requirements.