01Performance

CEFC ANNUAL REPORT / 2015–16

City of Melbourne

The City of Melbourne is undertaking a CEFC-financed $30 million program of clean energy initiatives to help it reach its target to become a carbon neutral city by 2020.

Project scope

The CEFC’s finance includes:

  • $14.8 million to replace public lighting with more than 16,000 energy efficient LEDs to save about $1 million annually on electricity bills
  • $10 million for the Sustainable Melbourne Fund to finance Environmental Upgrade Agreements, including retrofits to commercial property
  • Other sustainability initiatives based on the outcomes of a five-year Council emissions reduction plan.

Progress report

A solar works program involving 314kW of installed capacity has already delivered:

  • 200kW at the North Melbourne Football Club (Kangaroos), North Melbourne Recreation Centre and Fencing Victoria
  • 35kW at the Community Hub at The Dock
  • 79kW at the Fitzroy Gardens Depot and Information centre.

Looking to the future

Longer-term, flexible debt terms allow councils to spread capital costs over a longer period to better match the asset life of the investment. The CEFC’s tailored 10-year loans can exceed the typical payback period of a project, allowing councils to align the debt servicing with the project returns.

The City of Melbourne takes its leadership role in the area of sustainability seriously. You don’t get to be the most liveable city in the world without a strong focus on sustainability and prosperity. City of Melbourne Lord Mayor
Robert Doyle