ANNOUNCEMENT 21 Jan 2015
The Australian government-funded Clean Energy Finance Corporation allocated AUD 20 million to ET Solar Australia to speed up the take-up of solar panels in the large commercial sector.
NUMBER OF INTERVENTIONS
Clean Energy Finance Corporation. Media. "CEFC invests in large-scale commercial solar program" Available at https://www.cefc.com.au/media/files/cefc-invests-in-large-scale-commercial-solar-program/
Clean Energy Finance Corporation. Fact Sheet "CEFC finance for commercial solar" Avilable at https://www.cefc.com.au/media/107267/cefc-pdf-factsheet-etsolar_lr.pdf
Australian Government. Department of Industry, Innovation and Science. Australian Industry Participation. Available at: https://industry.gov.au/industry/IndustryInitiatives/AustralianIndustryParticipation/Pages/default.aspx
On 21 January 2015, the Clean Energy Finance Corporation (CEFC) of Australia announced the allocation of up to AUD 20 million (USD 16 million) in senior debt finance to ET Solar Australia to support the development of a new solar Power Purchase Agreement (PPA) program aimed at the large commercial sector.
The proposed model states that EP Solar Australia will own, operate and maintain the solar PV system of the customer, who will then agree to purchase electricity at an agreed rate. The power capacity of each project will range between 30KW and 2MW.
CEFC expects this new PPA model to attract local business and promote the installation of PV panels in the commercial sector.
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 20 million (USD 16 million) credit line allocated to ET Solar Australia, is subject to local content requirements.