Australia’s CEFC and Westpac providing AU$200 million for clean energy in business

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The funds will be used to give customers a 0.7% discount on finance for solar and low emissions projects. Credit: CEFC

Australia’s Clean Energy Finance Corporation (CEFC) and renewable energy financier Westpac are to provide low cost finance for Australian businesses to invest in solar and other low emission technologies.

The AU$200 million (US$146 million) 'Westpac Energy Efficient Financing Program' will be used to give customers a 0.7% discount on finance for qualifying projects, such as solar PV or low emissions vehicles. Westpac will also offer finance leases, commercial loans and commercial hire purchase finance.

The finance, for up to 100% of the project cost, is available for terms of up to 10 years, for individual projects starting at AU$15,000.

Eligible projects include:

  • rooftop and off-grid solar PV
  • battery storage and solar thermal
  • energy efficiency equipment
  • low emissions vehicles
  • projects that upgrade the energy efficiency of buildings
  • energy-from-waste projects
  • projects registered for Australian Carbon Credit Units (ACCUs) under the Emissions Reduction Fund

CEFC chief executive Oliver Yates said: “There are enormous opportunities for businesses to lower their energy costs and improve their competitiveness using clean energy. Using solar and the right energy efficient equipment can have a substantial benefit on business costs, in addition to the obvious environmental gains.

“Access to the discounted CEFC finance being offered through Westpac is a compelling reason to act now to lock in business and environmental benefits.”

Since 2011, Westpac Group has increased the proportion of renewable energy financing from 45% to 61% of its total electricity generation portfolio.

Read Next

December 8, 2021
Mining giant Fortescue is to partner with Australian energy major AGL Energy to examine the potential of repurposing legacy coal assets for renewables-powered green hydrogen facilities.
December 2, 2021
Acciona Energia has struck deals for multiple green hydrogen facilities, one with state-owned Australian energy company Stanwell Corporation and a joint venture with US company Plug Power Inc. to establish multiple production sites across Spain and Portugal
November 29, 2021
Commercial and industrial (C&I) solar developer Altus Power will offer distributed renewables and energy storage solutions through a new partnership with energy major Shell.
November 23, 2021
Renewables developers and O&M provider RES has appointed two new chief executives to lead on its growth plans.
November 2, 2021
Grid outages in Australia dented the performance of UK-based solar asset owner Foresight Solar Fund (FSFL) in the first nine months of the year.
November 1, 2021
The Government of New South Wales (NSW), Australia, has opened an online registration of interest process as it seeks bidders for the country’s latest Renewable Energy Zone (REZ) to enter the planning phase.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
December 21, 2021
Free Webinar
Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal

PV TECH POWER VOLUME 29 OUT NOW—Get 35% off your first year

Solar’s 2030 blueprint