The CEFC has marked a major milestone in Australia’s clean energy transition, helping drive more than $1 billion in new investment in smaller-scale clean energy projects Australia-wide.
The milestone coincides with the launch of the CEFC’s latest co-financing program, a $100 million agreement with the Bank of Queensland’s BOQ Finance (BOQF) division, to help businesses switch to solar, energy storage and electric vehicles.
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.
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The CEFC finance has been used in more than 11,300 projects, ranging from $10,000 to $5 million. The average investment is $125,000. Businesses drawing on from these programs include manufacturers, agribusinesses and building owners.
CEFC CEO Ian Learmonth said, “We’re making a real difference for businesses across the country, by working with leading Australian lenders to provide competitive finance for clean energy investment. These co-finance programs have proved to be efficient, effective and easy to access for borrowers, who have used them to help finance more than $1 billion in new investments in clean energy.
“The co-finance programs allow us to rapidly extend the reach of our finance across a diverse range of projects, delivering real and measurable benefits to the economy and to our environment. We are delighted to now include Bank of Queensland Finance in this program.”
The CEFC’s co-finance programs have financed:
- More than 1000 hybrids, battery electric vehicles and plug in hybrid electric vehicles.
- More than 4400 rooftop solar projects, with a total investment value of more than $110 million.
- More than 400 projects for a variety of energy efficiency upgrades, including heating, ventilation and air conditioning projects, refrigeration upgrades, lighting improvements and a range of other qualifying energy efficiency technologies. The total investment value exceeds $260 million
- More than 1000 projects for a range of on-farm and agribusiness projects, with a total investment value of more than $340 million.
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BOQF is a leading player in the mid-market asset-financing segment across Australia and New Zealand, delivering asset, cash flow and structured finance solutions to customers across a number of business lines.
The BOQF Energy Efficient Equipment Finance program is drawing on CEFC finance to offer a 0.7 per cent per annum discount on the finance rate for a range of eligible projects. Projects may include:
- Rooftop solar systems and solar thermal systems
- Agricultural equipment, including tractors, headers and irrigation
- Battery storage
- Battery electric vehicles and plug in hybrid electric vehicles
- Lighting, HVAC and commercial refrigeration equipment.