ANNOUNCEMENT 19 Oct 2017
The Australian government-funded Clean Energy Finance Corporation allocated AUD 94 million to Windlab Limited to finance the first fully integrated wind, solar and battery project in Queensland.
NUMBER OF INTERVENTIONS
Clean Energy Finance Corporation. Media. "CEFC backs Kennedy Energy Park hybrid solar wind and battery project" Available at: https://www.cefc.com.au/media/files/cefc-backs-kennedy-energy-park-hybrid-solar-wind-and-battery-project/
Australian Government. Department of Industry, Innovation and Science. Australian Industry Participation. Available at: https://industry.gov.au/industry/IndustryInitiatives/AustralianIndustryParticipation/Pages/default.aspx
On 19 October 2017, the Clean Energy Finance Corporation (CEFC) of Australia announced the allocation of AUD 194 million (USD 74 million) to Windlab Limited for the development of the Kennedy Energy Park in Queensland.
The objective of the debt funding is to speed up the construction of the first fully integrated wind, solar and battery project that will generate 60MW hybrid renewable energy.
The total cost of the project is estimated at AUD 160 million (USD 126 million).
The Kennedy Energy Park is also being developed by Eurus Energy who has a 50% equity stake in the park.
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.
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 94 million (USD 74 million) credit line allocated to Windlab Limited, is subject to local content requirements.