ANNOUNCEMENT 19 Oct 2018
The Australian government-funded Clean Energy Finance Corporation announced the allocation of up to AUD 100 million to RateSetter.
NUMBER OF INTERVENTIONS
Clean Energy Finance Corporation. Media. "RateSetter signs $100m deal with the CEFC for South Australian Home Battery Scheme" of 19 October 2018. Available at: https://www.cefc.com.au/media/files/ratesetter-signs-100m-deal-with-the-cefc-for-south-australian-home-battery-scheme/
Australian Government. Department of Industry, Innovation and Science. Australian Industry Participation. Available at: https://industry.gov.au/industry/IndustryInitiatives/AustralianIndustryParticipation/Pages/default.aspx
On 19 October 2018, the Clean Energy Finance Corporation (CEFC) of Australia announced the allocation of up to AUD 100 million (over USD 71.3 million at the time of the announcement) to RateSetter a peer-to-peer lender.
The objective of these resources is to finance loans for the installation of house batteries in South Australia where the upfront costs of the system installations are not met by the subsidies provided by the South Australian Government.
In 2017, RateSetter already received an AUD 20 million (circa USD 14.3 million) loans from CEFC to develop a Greenloan Marketplace (please, see related state acts).
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 100 million (over USD 71.3 million) finance allocated to RateSetter is subject to local content requirements.