ANNOUNCEMENT 02 Aug 2013

The Australian government-funded Clean Energy Finance Corporation allocated AUD 60 million to Fotowatio Renewable Ventures to finance the development of the Moree Solar Farm.

NUMBER OF INTERVENTIONS

2

  • 1 harmful
  • 1 neutral
  • 0 liberalising

SOURCE

Clean Energy Finance Corporation. Media. "CEFC to finance solar PV power plant at Moree" Available at: https://www.cefc.com.au/media/files/cefc-to-finance-solar-pv-power-plant-at-moree/

Clean Energy Finance Corporation. Moree Solar Farm. Available at: https://www.cefc.com.au/media/107323/cefc-factsheet-moreesolar_lr.pdf

Inception date: 02 Aug 2013 | Removal date: open ended
Still in force

State loan

On 2 August 2013, the Clean Energy Finance Corporation (CEFC) of Australia announced the allocation of AUD 60 million (USD 53 million) to Fotowatio Renewable Ventures for the development of a solar farm in Maree, New South Wales.

The objective of the senior secured debt funding is to speed up the development and construction of the Maree solar photovoltaic power plant.

 
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.
 
 
Update
According to an official document of the CEFC published in March 2015, the final investment was reduced to AUD 47 million (USD 37 million).

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A
Inception date: 02 Aug 2013 | 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 60 million (USD 53 million) credit line allocated to Fotowatio Renewable Ventures, is subject to local content requirements.