ANNOUNCEMENT 01 Mar 2019
The Australian government-funded Clean Energy Finance Corporation has increased the initial funds provided to intelliHUB to AUD 60 million.
NUMBER OF INTERVENTIONS
Clean Energy Finance Corporation. Media. "CEFC backs intelliHUB’s continued growth" of 1 March 2019. Available at: https://www.cefc.com.au/media/files/cefc-backs-intellihub-s-continued-growth/
Australian Government. Department of Industry, Innovation and Science. Australian Industry Participation. Available at: https://industry.gov.au/industry/IndustryInitiatives/AustralianIndustryParticipation/Pages/default.aspx
On 1 March 2019, the Clean Energy Finance Corporation (CEFC) of Australia has announced the allocation of AUD 25 million (over USD 17.7 million at the time of the announcement) to intelliHUB, a joint venture between Landis+Gyr and Pacific Equity Partners.
The objective of these resources is to continue supporting the spread of the smart metering technology provided in Australia and New Zealand by this company.
This new funding sums up to a previous loan worth AUD 35 million (circa USD 24.8 million) that was allocated on 3 July 2018 (please, see related state acts). As a result, intelliHUB has received AUD 60 million (circa USD 42.5 million) funding from the CEFC.
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 must be understood that the AUD 60 million (circa USD 42.5 million) total debt financing allocated to intelliHUB, includes some provisions related to local content requirements.