ANNOUNCEMENT 03 Apr 2017
The Australian government-funded Clean Energy Finance Corporation allocated AUD 80 million to Infigen Energy to finance a wind farm in New South Wales.
NUMBER OF INTERVENTIONS
Clean Energy Finance Corporation. Media."CEFC delivers further boost to renewable energy in New South Wales" Available at https://www.cefc.com.au/media/files/cefc-delivers-further-boost-to-renewable-energy-in-new-south-wales/
Australian Government. Department of Industry, Innovation and Science. Australian Industry Participation. Available at: https://industry.gov.au/industry/IndustryInitiatives/AustralianIndustryParticipation/Pages/default.aspx
On 3 April 2017, the Clean Energy Finance Corporation (CEFC) of Australia announced the allocation of AUD 88 million (USD 60.8 million) to Infigen Energy for the construction of the Bodangora Wind Farm in New South Wales.
The wind farm is expected to produce 113 MW which is enough energy to meet the needs of 49,000 homes. The project will be built by a consortium comprising General Electric and Civil & Allied Technical Construction.
The Norddeutsche Landesbank Girozentrale (NORD/LB) is also a co-lender to the Bodangora project.
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 80 million (USD 60.8 million) credit line allocated to Infigen Energy, is subject to local content requirements.