ANNOUNCEMENT 11 Jun 2019
The Australian government-funded Clean Energy Finance Corporation has announced the allocation of up to AUD 51 million to Total Eren.
NUMBER OF INTERVENTIONS
Clean Energy Finance Corporation. Media. "CEFC becomes billion dollar solar investor with latest equity investment in large-scale renewables" of 11 June 2019. Available at: https://www.cefc.com.au/media/files/cefc-becomes-billion-dollar-solar-investor-with-latest-equity-investment-in-large-scale-renewables/
Australian Government. Department of Industry, Innovation and Science. Australian Industry Participation. Available at: https://industry.gov.au/industry/IndustryInitiatives/AustralianIndustryParticipation/Pages/default.aspx
On 11 June 2019, the Clean Energy Finance Corporation (CEFC) of Australia has announced the allocation of AUD 51 million (circa USD 35.5 million at the time of the announcement) to Total Eren, an international renewable energy producer for the development of the Kiamal Solar Farm, located in north-west Victoria.
The new solar farm will count with more than 718,000 PV panels and it is expected to produce enough electricity to meet the needs of more than 133,500 homes.
In addition to the CEFC, the Kiamal Solar Farm has been granted financing from ANZ, ING and Natixis.
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 51 million credit line (circa USD 35.5 million) that has been allocated to Total Eren, is subject to local content requirements.