The Clean Energy Finance Corporation (CEFC) will continue to invest in wind and solar projects under a new Investment Mandate that came into force at the end of 2015.
CEFC Chief Executive, Oliver Yates said that, under the new mandate, the CEFC will direct an increased level of attention towards emerging and innovative technologies, energy efficiency and technologies that support the Australian Government’s agenda around cities and the built environment.
However, he said the CEFC will also continue to meet its objectives under the CEFC Act, including through investments in “mature and established technologies”.
“The CEFC welcomes the new Investment Mandate and looks forward to addressing the new investment focus as part of its investment activities,” said Mr Yates.
He also confirmed that the new Investment Mandate is not retrospective and therefore will have no impact on existing investments. The new mandate clears up any ongoing confusion over the role of the clean energy investment body, which had been cast into doubt by a government directive issued in July 2015. The draft mandate called for “mature and established clean energy technologies … to be excluded from the corporation’s activities, including extant wind technology and household and small solar.”
While the draft mandate was never passed into law, the new mandate leaves no doubt as to the role of the CEFC under the Turnbull government, and demonstrates a clear break with Abbott-era policy.
The new mandate came into effect on 24 December 2015 and replaces the previous mandate that had held since March 2015. It was issued by the CEFC’s responsible ministers, environment minister Greg Hunt and finance minister Mathias Cormann.
A copy of the new Investment Mandate can be found here