Commitment to Clean Energy Innovation Fund welcomed

The Clean Energy Finance Corporation (CEFC) has issued an announcement welcoming the Turnbull government’s commitment to innovation through the establishment of the $1 billion Clean Energy Innovation Fund (CEIF) and the retention of the Australian Renewable Energy Agency (ARENA).

The CEIF will be jointly managed by the CEFC and ARENA and will provide both debt and equity for clean energy projects.

According to CEFC CEO Oliver Yates, “The creation of the CEIF will help innovative entrepreneurial companies build their commercial strength, so they can make a positive contribution to the Australian economy and our national emissions challenge.”

The CEFC intends to foster innovation and business activity in the development of energy-efficient and low-emissions solutions and cites initiatives, listing WA’s Carnegie Wave Energy and the Moree Solar Farm in NSW as examples of previous success.

Yates is feeling optimistic, saying, “We look forward to working even more closely with entrepreneurial businesses that are striving to bring innovative low-emissions, energy-efficiency and clean energy solutions to market through the support of the new Clean Energy Innovation Fund.”

Yates also says that the CEFC welcomes a continued relationship with ARENA.

“The CEFC and ARENA have worked closely together since our organisations were created, and many projects have benefited from our respective skills and experience. This includes our continued work in the area of large-scale solar, where we are looking to significantly increase the availability and affordability of this renewable energy resource in rural and regional Australia.”

Under the CEFC Act, the Australian Government can provide direction to the CEFC through an Investment Mandate regarding the type, rate and risk of investments the CEFC should undertake.

“We understand the government intends to provide a new mandate addressing the creation of the CEIF and that this direction will enable the CEFC to target higher-risk , more innovative investments,” said Yates.

“The CEIF will focus on companies, businesses and projects at early stages of development that are now seeking growth capital or early-stage capital to assist their businesses get to the next stage of their development,” he added.