01Performance

CEFC ANNUAL REPORT / 2015–16

clean energy finance for business

The CEFC has developed tailored financing programs with Westpac, NAB and Commonwealth Bank to help small and large businesses from around Australia – including agriculture – to unlock the benefits of clean energy.

Project scope

The CEFC recognises the important role business can play in helping Australia reduce its emissions through investing in technologies that reduce emissions and also cut business energy costs.

By working with co-financiers, the CEFC is able to rapidly deploy finance to a large and diverse range of eligible projects, supporting large and small businesses from retail to agribusiness, health, aged care, education and state and local government organisations right across Australia.

Progress report

  • The Westpac Energy Efficient Financing Program is a $200 million finance commitment from CEFC announced in May 2016
  • The $120 million Energy Efficient Bonus Program with National Australia Bank (NAB) was announced in June 2015
  • Since launching in 2013, the CEFC/Commonwealth Bank Energy Efficient Loans program has provided finance to businesses around Australia, supporting a diverse range of clean energy projects with total capital requirements of more than
    $20 million.
These programs are a unique way to tap into the extensive networks and market reach of our co-finance partners to rapidly provide tailored finance solutions for smaller-scale projects. These projects can have a major positive impact on local businesses and rural and regional economies. CEFC CEO
Oliver Yates

WORKING WITH WESTPAC

The Westpac Energy Efficient Financing Program will finance solar PV, irrigation, energy efficient refrigeration upgrades, LED lighting retrofits and bundled building projects. The finance can be applied across manufacturing, industry, commercial property, hospitality and agriculture.

This is the CEFC’s largest co-financing commitment to date. The finance through Westpac is available for up to 100 per cent of the project cost and is available for terms of up to 10 years for individual projects, starting at $15,000. Transactions will be reported in more detail as the program develops.

WORKING WITH NAB

In the year to June 2016, the NAB Energy Efficient Bonus Program provided more than $70 million in clean energy finance to 439 NAB customers, including:

  • An advanced irrigation system for a South Australian potato grower, cutting energy, water and fertiliser consumption
  • An energy efficient machine for a NSW steel manufacturer, using substantially less energy
  • Rooftop solar PV to generate about 38 per cent of the daily power needs of a vegetable producer at Stanthorpe in Queensland.

WORKING WITH COMMONWEALTH BANK

The Commonwealth Bank’s Energy Efficient Loan unlocked opportunities for a further seven projects in 2015-16, with a combined value of $3 million. New projects included:

  • A 100kW solar PV system to reduce the energy use for a company that grows, packs and exports citrus fruit, mangoes and wine
  • Installation of a new energy efficient cool room for an organic vegetable producer
  • Energy efficient lighting and a 100 kW solar PV system for a major not-for-profit organisation.