ANNOUNCEMENT 02 Aug 2013
The Australian government-funded Clean Energy Finance Corporation allocated AUD 40 million to Sundrop Farms to finance a greenhouse development that will use solar-thermal technology.
NUMBER OF INTERVENTIONS
Clean Energy Finance Corporation. Media. "CEFC supports world leading application of solar technology" Available at: https://www.cefc.com.au/media/files/cefc-supports-world-leading-application-of-solar-technology/
Clean Energy Finance Corporation. Fact Sheet. "CEFC finances world-leading solar
thermal technology for greenhouses" Available at: https://www.cefc.com.au/media/65410/cefc_factsheet_sundropfarms_lr.pdf
On 2 August 2013, the Clean Energy Finance Corporation (CEFC) of Australia announced the allocation of AUD 40 million (circa USD 36 million) to Sundrop Farms for the development of a solar thermal technology greenhouse complex near Port Augusta, South Australia.
The objective of the debt funding is to co-finance the sustainable greenhouse that will use solar thermal technology to provide irrigation from desalinated seawater and heating and cooling.
The 20-hectare greenhouse facility is expected to produce 15,000 tonnes of tomatoes per year.
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 40 million (circa USD 36 million) credit line allocated to Sundrop Farms, is subject to local content requirements.