The Clean Energy Finance Corporation (CEFC) is an Australian government owned organisation which commenced investment in renewable energy generation in July 2013. It was established by the Gillard Government to work in conjunction with the Australian Renewable Energy Agency, mandatory renewable energy targets and a carbon pricing market mechanism to mitigate climate change in Australia.
It was established under the Clean Energy Finance Corporation Bill 2012 which passed through the Parliament of Australia on the 22 July 2012.
CEFC is not supported by the Coalition Government. Then Opposition Leader Tony Abbott wrote to Jillian Broadbent, chair of CEFC on 5 August 2013 asking it to stop making new loans and to cease assessing new projects. Upon election, Mr Abbott and Assistant Treasurer Arthur Sinodinos confirmed the government will scrap the CEFC.
On Thursday, 5 December 2013, CEFC Chairperson Jillian Broadband complained to ABC Radio National, begging the government to “break an election promise” and keep the CEFC in operation citing a 7% profit. Mr Sinodinos said that if it’s making a profit, it should survive without the government and essentially confirmed the government will shut the corporation down. Even so, in July 2015, the Abbott government announced they would ban the corporation from investing in wind power and rooftop solar.
The CEFC provide and develop financing solutions across the clean energy sector and leverage funding for commercial projects involving the deployment of clean energy technologies. The CEFC provides concessional finance to companies, but does not make grants.
Some local examples of CEFC funding include a lighting upgrades for the Burleigh Bears Rugby Leagues Club, Miami and The Runcorn and Milton IGA’s and a Commercial office upgrade through installation of high efficiency chiller, new lighting, new building management system, new pumps and solar thermal air-conditioning at 247 Adelaide St in Brisbane.
Funding can be applied for by submitting a proposal for assessment through the CEFC website.