ANNOUNCEMENT 04 May 2017
The Australian government-funded Clean Energy Finance Corporation allocated AUD 30 million to ResourceCo to construct two plants to transform non-recyclable waste into energy.
NUMBER OF INTERVENTIONS
Clean Energy Finance Corporation. Media. "CEFC finance helps ResourceCo turn waste into fuel" of 7 May 2017. Available at: https://www.cefc.com.au/media/files/cefc-finance-helps-resourceco-turn-waste-into-fuel/
Australian Government. Department of Industry, Innovation and Science. Australian Industry Participation. Available at: https://industry.gov.au/industry/IndustryInitiatives/AustralianIndustryParticipation/Pages/default.aspx
On 4 May 2017, the Clean Energy Finance Corporation (CEFC) of Australia announced the allocation of AUD 30 million (USD 22.2 million) to the local environmental solutions group ResourceCo, with the objective to build two plants that will transform selected waste into solid fuel, known as Processed Engineered Fuel (PEF).
It is expected that the plants will process around 150,000 tonnes of waste and are expected to abate over 8 million tonnes of CO₂e over the expected lifetime of the equipment.
The plants will be located in Sidney.
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 can be understood that the AUD 30 million (over USD 22.2 million) credit line allocated to ResourceCo, is subject to local content requirements.
In addition to the resources provided by the CEFC, the Wetherill Park has secured an AUD 5 million grant (USD 3.7 million at the time of the announcement made by CEFC) from the NSW Environmental Trust. These resources have been provided under the Waste Less, Recycle More initiative.