ANNOUNCEMENT 15 Mar 2018
The Australian government-funded Clean Energy Finance Corporation allocated AUD 90 million to Mirvac to implement different renewable energy initiatives in three new master-planned residential communities.
NUMBER OF INTERVENTIONS
Clean Energy Finance Corporation. Media. "CEFC and Mirvac to help homebuyers reduce energy costs at new masterplanned communities" of 15 March 2018. Available at: https://www.cefc.com.au/16622
Australian Government. Department of Industry, Innovation and Science. Australian Industry Participation. Available at: https://industry.gov.au/industry/IndustryInitiatives/AustralianIndustryParticipation/Pages/default.aspx
On 15 March 2018, the Clean Energy Finance Corporation (CEFC) of Australia announced the allocation of up to AUD 90 million (USD 70.3 million at the time of the announcement) debt financing to Mirvac, an Australian property group.
The objective of these resources is the incorporation of different clean energy technologies in the construction of three new master-planned residential communities. The new houses will count with a 5.1kW rooftop solar systems and 10kWh battery systems, providing residents with up to 90% of the total energy required in a typical household’s energy consumption.
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 70.3 million) credit line allocated to Mirvac, includes some provisions related to local content requirements.