ANNOUNCEMENT 29 May 2018
The Australian government-funded Clean Energy Finance Corporation allocated AUD 38 million to CWP Renewables to finance a wind farm in New South Wales.
NUMBER OF INTERVENTIONS
Clean Energy Finance Corporation. Media."CEFC marks renewables milestone topping $700 million in commitments to regional and rural wind projects" Available at https://www.cefc.com.au/media/files/cefc-marks-renewables-milestone-topping-700-million-in-commitments-to-regional-and-rural-wind-projects/
Australian Government. Department of Industry, Innovation and Science. Australian Industry Participation. Available at: https://industry.gov.au/industry/IndustryInitiatives/AustralianIndustryParticipation/Pages/default.aspx
On 29 May 2018, the Clean Energy Finance Corporation (CEFC) of Australia announced the allocation of AUD 38 million (USD 28.5 million) to CWP Renewables and Partners Group for the construction of the Crudine Ridge Wind Farm near Mudgee in New South Wales.
The wind farm is expected to produce 135 MW providing enough electricity to power 55,000 homes.
The total planned investment is AUD 250 million, of which AUS 113 million has been provided in the form of senior debt by the CEFC, Westpac and Sumitomo Mitsui Banking Corporation.
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 38 million (USD 28.5 million) credit line allocated to CWP Renewables and Partners Group, is subject to local content requirements.