ANNOUNCEMENT 01 Sep 2013

The Australian government-funded Clean Energy Finance Corporation invested AUD 70 million in Pacific Hydro to finance the construction of a wind farm.

NUMBER OF INTERVENTIONS

2

  • 2 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Clean Energy Finance Corporation. Fact Sheet "CEFC finances Pacific Hydro’s Portland Wind Energy Project" Available at: https://www.cefc.com.au/media/63400/cefc-factsheet-pacifichydro_lr.pdf

Clean Energy Finance Corporation. Case studies "Portland Wind Energy Project" Available at: https://www.cefc.com.au/case-studies/portland-wind-energy-project.aspx

Australian Government. Department of Industry, Innovation and Science. Australian Industry Participation. Available at: https://industry.gov.au/industry/IndustryInitiatives/AustralianIndustryParticipation/Pages/default.aspx

Clean Energy Finance Corporation. Media. "CEFC reaches 2GW wind milestone with finance for major NSW wind farm" of 30 May 2019. Available at: https://www.cefc.com.au/media/files/cefc-reaches-2gw-wind-milestone-with-finance-for-major-nsw-wind-farm/

Inception date: 01 Sep 2013 | Removal date: 30 May 2019
Still in force

State loan

On September 2013, the Clean Energy Finance Corporation (CEFC) of Australia allocated AUD 70 million (USD 53 million) in debt financing to Pacific Hydro for the development of the Portland Wind Farm in Victoria. 

The Portland Wind Farm is expected to generate 500-gigawatt hours of electricity each year.

The total cost of the project is estimated at AUD 361 million (USD 274 million).

 
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
On 30 May 2019, on an announcement made by the CEFC concerning the allocation of funds to wind farms, the Australian institution has announced that the Granville Harbour Wind Farm had received AUD 25 million (circa USD 17.3 million) and that this loan had been repaid.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A
Inception date: 01 Sep 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.

Departing from the above-mentioned, the statement made in the study case published on the CEFC's website, states that the towers have been outsourced from Australian manufacturers, which can be understood as part of the AIP local content policy.

 
Update
On 30 May 2019, on an announcement made by the CEFC concerning the allocation of funds to wind farms, the Australian institution has announced that the Granville Harbour Wind Farm had received AUD 25 million (circa USD 17.3 million) and that this loan had been repaid.