ANNOUNCEMENT 10 Dec 2018
The Australian government-funded Clean Energy Finance Corporation allocated AUD 50 million to Nexif in the form of senior debt to finance the second phase of a wind farm in South Australia.
NUMBER OF INTERVENTIONS
Clean Energy Finance Corporation. Media. "CEFC and Westbourne Capital finance expansion of Port Augusta renewables project" Available at: https://www.cefc.com.au/media/files/cefc-and-westbourne-capital-finance-expansion-of-port-augusta-renewables-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 10 December 2018, the Clean Energy Finance Corporation (CEFC) of Australia has announced the allocation of AUD 50 million (over USD 35.9 million at the time of the announcement) to Nexif Energy Australia for the expansion of the Lincoln Gap wind farm in Port Augusta, South Australia.
When finished, x the total generating capacity of the wind farm will increase from 126MW to 212 MW.
The project will receive a total investment of AUD 160 million (USD 115 million) and Westbourne Capital is responsible for providing AUD 110 million (over USD 79 million).
In 2017, Nexif Energy Australia already received another loan of AUD 150 million (circa USD 108 million).
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 50 million (USD 35.9 million) credit line allocated to Nexif Energy Australia is subject to local content requirements.