ANNOUNCEMENT 02 May 2018

The Australian government-funded Clean Energy Finance Corporation allocated AUD 39 million for the construction of an energy efficient hotel in Melbourne.

NUMBER OF INTERVENTIONS

2

  • 1 harmful
  • 1 neutral
  • 0 liberalising

SOURCE

Clean Energy Finance Corporation. Media. "CEFC and Pro-invest reach for the stars with CEFC's first clean energy investment in the hotels sector" of 2 May 2018. Available at: https://www.cefc.com.au/media/files/cefc-and-pro-invest-reach-for-the-stars-with-cefcs-first-clean-energy-investment-in-the-hotels-sector/

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

Inception date: 02 May 2018 | Removal date: open ended
Still in force

State loan

On 2 May 2018, the Clean Energy Finance Corporation (CEFC) of Australia announced the allocation of AUD 39 million (over USD 29.2 million at the time of the announcement) term debt facility to Pro-invest Group, a boutique investment firm that owns Holiday Inn Express-branded hotels across Australia. 

The objective of these resources is the construction of the Holiday Inn Express at Southbank in Melbourne that seeks to obtain a 5-star energy rating, under the National Australian Built Environment Rating System (NABERS).

Pro-invest Group expects to develop another five similar projects in Australia 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.

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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Inception date: 02 May 2018 | 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. Therefore, it must be understood that the AUD 39 million (USD 29.2 million) credit line allocated to Pro-invest Group, includes some provisions related to local content requirements.

 
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