ANNOUNCEMENT 18 Oct 2018
The Australian government-funded Clean Energy Finance Corporation announced the allocation of up to AUD 90 million to an energy-from-waste plant co-developed by Macquarie Capital and Phoenix Energy Australia.
NUMBER OF INTERVENTIONS
Clean Energy Finance Corporation. Media. "Household waste set to generate clean energy as CEFC finances landmark West Australian project" of 18 October 2018. Available at: https://www.cefc.com.au/media/files/household-waste-set-to-generate-clean-energy-as-cefc-finances-landmark-west-australian-project/
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 October 2018, the Clean Energy Finance Corporation (CEFC) of Australia announced the allocation of up to AUD 90 million (over USD 64 million at the time of the announcement) to develop an energy-from-waste plant at Kwinana in Western Australia.
The project is co-developed by Macquarie Capital and Phoenix Energy Australia and it is expected to process around 400,000 tonnes of waste a year.
The total investment is expected to reach AUD 700 million and other investors include the Dutch Infrastructure Fund (DIF), SMBC, Investec, Siemens, IFM Investors and Metrics Credit Partners.
The construction company assigned to the project is Acciona.
Once finished, the new plant is expected to reduce CO2 emissions by 400,000 tonnes per 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 can be understood that the AUD 90 million (over USD 64.7 million) finance allocated to the Kwinana plant is subject to local content requirements.