CEFC announced AUD 100 million co-financing program agreement with Bank of Queensland
Post date: 13/08/2019 - 11:45
The Australian Clean Energy Finance Corporation (CEFC) announced a AUD 100 million (USD 68 million) co-financing program agreement with the Bank of Queensland’s BOQ Finance (BOQF) division, to help businesses switch to solar, energy storage and electric vehicles, »helping drive more than AUD 1 billion in new investment in smaller-scale clean energy projects Australia-wide.« BOQF is drawing on CEFC finance to offer a 0.7 percent per annum discount on the finance rate for a range of eligible projects.
In the past six years, the CEFC has worked with major banks and non-bank lenders to deliver tailored co-finance programs to businesses to encourage investment in clean energy technologies which can reduce their use of grid energy as well as lower their carbon emissions. The CEFC finance has been used in more than 11,300 projects, ranging from AUD 10,000 to AUD 5 million. The average investment is AUD 125,000. Businesses drawing on from these programs include manufacturers, agribusinesses and building owners.
According to CEFC CEO Ian Learmonth, the co-finance programs have financed more than 1,000 hybrids, battery electric vehicles and plug in hybrid electric vehicles; more than 4,400 rooftop solar projects, with a total investment value of more than AUD 110 million; more than 400 projects for a variety of energy efficiency upgrades; and more than 1,000 projects for a range of on-farm and agribusiness projects, with a total investment value of more than AUD 340 million.