ANNOUNCEMENT 24 Dec 2019
The Australian government-funded Clean Energy Finance Corporation together with the Australian Renewable Energy Agency announced the allocation of up to AUD 75.5 million to finance the construction of an energy-from-waste plant co-developed by New Energy Corporation, Hitachi Zosen Inova (HZI), Tribe Infrastructure Group, John Laing and ACCIONA.
NUMBER OF INTERVENTIONS
Clean Energy Finance Corporation. Media. Latest News. "CEFC spearheads investment in energy from waste sector backing second WA facility" of 24 December 2019. Available at: https://www.cefc.com.au/media/files/cefc-spearheads-investment-in-energy-from-waste-sector-backing-second-wa-facility/
Australian Government. Department of Industry, Innovation and Science. Australian Industry Participation. Available at: https://industry.gov.au/industry/IndustryInitiatives/AustralianIndustryParticipation/Pages/default.asp
Australian Renewable Energy Agency. News. "Second energy from waste plant to reduce waste going to landfill" of 24 December 2019. Available at: https://arena.gov.au/news/second-energy-from-waste-plant-to-reduce-waste-going-to-landfill/
On 24 December 2019, the Clean Energy Finance Corporation (CEFC) of Australia announced the allocation of up to AUD 57.5 million subordinated debt facility (over USD 39.8 million at the time of the announcement) to support the construction of the East Rockingham Resource Recovery Facility, an energy-to-waste plant located in Western Australia.
The energy project is co-developed by New Energy Corporation, Hitachi Zosen Inova (HZI), Tribe Infrastructure Group, John Laing and ACCIONA, and it is expected that it will process about 300,000 tonnes of residual waste per year, reducing annual CO2 emissions and producing enough renewable energy to power over 36,000 homes.
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 57.5 million finance (over USD 39.8 million) allocated to the East Rockingham Resource Recovery Facility is subject to local content requirements.
On 24 December 2019, the government-funded institution Australian Renewable Energy Agency has announced on the allocation of a recoupable grant of AUD 18 million (circa USD 12.5 million) to assist in the development of the East Rockingham Resource Recovery Facility. More specifically, the financial grant will support the construction of an energy-from-waste plant co-developed by New Energy Corporation, Hitachi Zosen Inova (HZI), Tribe Infrastructure Group, John Laing and ACCIONA, that is to be built in Western Australia.
Notably, the project also was awarded a loan, see related intervention.