04Appendices, Glossary and Abbreviations

CEFC ANNUAL REPORT / 2015–16

Appendix F: Realised Investments

The CEFC reports on its investment commitments each quarter and actively manages its investment portfolio. Changes in circumstances can often affect the final investment outcome. For example:

  • Most investments are repaid or realised in the ordinary course of events, but some of these are repaid or sold earlier than
  • Some investment commitments are never drawn, for example because the borrower fails to meet conditions precedent. They are reported here for the sake of completeness.
  • Some loans can also end in default with a loss being realised. While the CEFC has not to date had a loan terminate in default, it is likely that at some stage this will occur, as for any

Figure 47 shows all CEFC investments that, for various reasons, were concluded during the year, including “realised” investments. Investments which are only partially repaid or partially disposed of are not reported here as “realised” investments.

Figure 47: Realised investments 2015-16

Borrower

Investment description

Year of initial
investment commitment

Initial CEFC
commitment amount

Investment outcome

CFS Australian Clean Energy Infrastructure Fund

Equity in fund targeting commercial building sector for energy efficiency

2013-14

$80m

Fund did not raise sufficient private sector capital to close.

Carnegie Wave Energy Limited

Corporate loan for ocean/wave generation technology

2013-14

$20m

Project proceeded with a private sector lender replacing the CEFC facility.

Energy Developments Limited

Corporate loan for low emissions projects

2013-14

$75m

Borrower was sold and the CEFC’s partially drawn loan was refinanced by the private sector. The underlying projects were fully implemented.

Golden North Ice Cream

Energy efficiency loan for ice cream manufacturer

2012-13

$0.4m

Loan was repaid in the ordinary course of business. The underlying projects were fully implemented.

JBS Ltd

Loan for biogas cogeneration at abattoir

2012-13

$4.4m

Loan was repaid in ordinary course of business. The underlying projects were fully implemented.

New Energy Corporation

Project finance for waste-to-energy facility

2013-14

$49.2m

Facility is still on foot however, the CEFC commitment has been reduced to $0 due to delays in the project reaching financial close.

Pacific Hydro Portland Wind Farm

Project finance for Stages 2-4 of

Portland Wind Farm

2013-14

$70m

CEFC loan was refinanced by the private sector when the borrower was sold. The underlying project was fully implemented.

Richgro Garden Products

Biogeneration facility

2012-13

$2.2m

Loan was repaid in the ordinary course of business. The underlying projects were fully implemented.

Rivalea Australia Pty Ltd

Corporate loan for energy efficiency in integrated pork producer

2012-13

$0.6m

Loan was repaid in ordinary course of business. The underlying projects were fully implemented.