ANNOUNCEMENT 03 Jul 2018
The Australian government-funded Clean Energy Finance Corporation allocated AUD 35 million to intelliHUB to invests in smart meters.
NUMBER OF INTERVENTIONS
Clean Energy Finance Corporation. Media. "CEFC invests in smart meters in new push to give consumers more control over their energy use" of 3 July 2018: https://www.cefc.com.au/media/files/cefc-invests-in-smart-meters-in-new-push-to-give-consumers-more-control-over-their-energy-use/
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 July 2018, the Clean Energy Finance Corporation (CEFC) of Australia announced the allocation of AUD 35 million (over USD 25.8 million at the time of the announcement) to intelliHUB, a joint venture between Landis+Gyr and Pacific Equity Partners. The objective of this debt finance is to finance the acquisition of Acumen, the smart meter business unit of Origin Energy.
The total value of the acquisition is AUD 267 million (USD 197 million) and intelliHUB is expected to become one of the leading smart meter providers in Australiana and New Zealand.
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 35 million (USD 25.8 million) debt financing allocated to intelliHUB, includes some provisions related to local content requirements.
On 1 March 2019, the CEFC announced the extension of the funds provided to intelliHUB (please, see related state acts).