Australia’s Clean Energy Finance Corporation (CEFC) has announced a significant milestone in its clean energy investment initiatives, committing $3.5 billion in new investments during the second half of 2024.
This record-breaking investment is expected to catalyse a total of $13.3 billion in clean energy projects across the country when combined with co-investor contributions.
The government-backed green bank completed 28 transactions in the six-month period, averaging more than one deal per week.
A cornerstone of this investment surge was the financing of critical transmission infrastructure, including Humelink and the NSW section of the Victoria-NSW Interconnector, marking the largest single transaction in CEFC’s history.
The lifetime value of CEFC’s investment commitments has reached $71.5 billion.
The organisation’s success has prompted further government support, with Prime Minister Anthony Albanese and Climate Change Minister Chris Bowen proposing an additional $2 billion capital allocation to CEFC’s General portfolio, pending parliamentary approval.
The green bank has made substantial progress across its three specialised funds in their first year of operation.
The Rewiring the Nation Fund has committed $2.8 billion across five projects aimed at modernising Australia’s energy grid.
The Household Energy Upgrades Fund has allocated $345 million to discounted finance programs, while the Powering Australian Technology Fund has invested $176.2 million in 19 climate tech innovations.
According to CEFC, since its inception, it has maintained a strong focus on nationwide impact, supporting nearly 80,000 asset finance projects for households, industries, farmers, and small businesses.
The organisation has demonstrated financial efficiency with $5.4 billion in repayments and returns, which can be reinvested in new projects.
In the last six months of 2024 alone, the CEFC deployed over $885 million, bringing its lifetime deployment to $12.2 billion.
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