ANNOUNCEMENT 18 Jun 2018
The Australian government-funded Clean Energy Finance Corporation allocated AUD 90 million to NAB Trust Services Limited to create renewable energy investment opportunities for fixed income investors.
NUMBER OF INTERVENTIONS
Clean Energy Finance Corporation. Media. "CEFC backs latest NAB innovative green investment opportunity with $90 million commitment" of 18 June 2018: https://www.cefc.com.au/media/files/cefc-backs-latest-nab-innovative-green-investment-opportunity-with-90-million-commitment/
Australian Government. Department of Industry, Innovation and Science. Australian Industry Participation. Available at: https://industry.gov.au/industry/IndustryInitiatives/AustralianIndustryParticipation/Pages/default.aspx
On 18 June 2018, the Clean Energy Finance Corporation (CEFC) of Australia announced the allocation of AUD 90 million (USD 66.85 million) to NAB Trust Services Limited for the creation of green investment opportunities for fixed income investors such as pensions and superannuation funds.
The new Low Carbon Shared Portfolio is backed by senior loans to seven wind and large-scale solar farms that are expected to avoid more than 2,500,000 tonnes of CO2 emissions every 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, it must be understood that the AUD 90 million (USD 66.85 million) credit line allocated to NAB Trust Services Limited, includes some provisions related to local content requirements.