19 October 2016
The Clean Energy Finance Corporation today announced its founding CEO, Mr Oliver Yates, has advised the Board of his decision to step down. Mr Yates has played a central role in the creation of the CEFC, which is now a major investor in clean energy projects around Australia.
CEO Chair Ms Jillian Broadbent AO said: "Mr Yates' dedication, energy and experience have played a critical role in the CEFC's development, investment performance and its market position as a sector specific investor and as an effective tool of public policy. He has made a significant contribution to the sector and departs on excellent terms. He leaves a strong team and organisation which will continue its task to catalyse the flow of funds into emissions reduction investments."
Mr Yates has had a long career in investment, with a particular focus on clean energy. He was the first Executive appointed to the CEFC when it was created in 2013, and has since led the organisation as it has invested in renewable energy, energy efficiency and low emissions projects.
In its third full year of operation, the CEFC confirmed it had committed more funds, supported more projects and mobilised an even greater amount of private sector capital into clean energy projects. The CEFC's investment commitments have now reached $2.3 billion, contributing to projects with a total value of $5.7 billion.
Mr Yates said: "This has been a difficult decision but the timing is right. I want to hand the baton to the next CEO knowing the CEFC has never been stronger. The CEFC is now well established, with a robust pipeline of transactions, and a great team of specialists, with the strong support of the clean energy sector.
"With the Paris agreement to limit the rise in global temperatures to below two degrees Celsius becoming binding, Australia's clean energy investment market will continue to accelerate, requiring us to run even faster.
"Working with the Board to establish the CEFC has been an amazing opportunity. It has been a complex and challenging few years, which I have found extremely satisfying. I deeply appreciate the support I have received from the Board and my team at the CEFC and I know the organisation will continue to go from strength to strength."
The CEFC Board has begun the process of recruiting a replacement for Mr Yates and will be considering both internal and external candidates. In the interim, Mr Yates will remain CEO.
In accordance with the CEFC Act, the new CEO will be appointed by the CEFC Board, following consultation with the responsible Ministers.