13 August 2019
The CEFC has marked a major milestone in Australia’s clean energy transition, helping drive more than $1 billion in new investment in smaller-scale clean energy projects Australia-wide.
The milestone coincides with the launch of the CEFC’s latest co-financing program, a $100 million agreement with the Bank of Queensland’s BOQ Finance (BOQF) division, to help businesses switch to solar, energy storage and electric vehicles.
In the past six years, the CEFC has worked with major banks and non-bank lenders to deliver tailored co-finance programs to businesses to encourage investment in clean energy technologies which can reduce their use of grid energy as well as lower their carbon emissions.
The CEFC finance has been used in more than 11,300 projects, ranging from $10,000 to $5 million. The average investment is $125,000. Businesses drawing on from these programs include manufacturers, agribusinesses and building owners.
CEFC CEO Ian Learmonth said: “We’re making a real difference for businesses across the country, by working with leading Australian lenders to provide competitive finance for clean energy investment. These co-finance programs have proved to be efficient, effective and easy to access for borrowers, who have used them to help finance more than $1 billion in new investments in clean energy.
“The co-finance programs allow us to rapidly extend the reach of our finance across a diverse range of projects, delivering real and measurable benefits to the economy and to our environment. We are delighted to now include Bank of Queensland Finance in this program.”
The CEFC’s co-finance programs have financed:
BOQF is a leading player in the mid-market asset financing segment across Australia and New Zealand, delivering asset, cash flow and structured finance solutions to customers across a number of business lines.
BOQF Chief Executive Officer Verity Gilpin said: “We pride ourselves on our innovative approach to finance and delivering end-to-end solutions that transform the way our partners operate.
“An increasing number of our customers are seeking clean energy alternatives, and we are pleased to be working with CEFC to make the up-front investment in sustainable solutions simpler and more affordable.”
CEFC Transaction Lead Grace Tam added: “The BOQF Energy Efficient Equipment Finance program will help businesses capture the clean energy benefits of lower energy use, improved productivity and lower carbon emissions.
“It’s also great to see BOQF supporting customers to finance both their solar and battery storage solutions. This will become an increasingly important way for businesses to maximise the benefits of solar PV, while also avoiding peak charges for electricity by using more of the energy they generate on their own rooftops.”
The BOQF Energy Efficient Equipment Finance program is drawing on CEFC finance to offer a 0.7 per cent per annum discount on the finance rate for a range of eligible projects. Projects may include:
For more information please see the BOQ Finance Energy Efficient Equipment Finance
BOQ is one of Australia’s leading regional banks and one of the few still not owned by Australia’s big banks. This means we offer a genuine alternative to anyone looking for a full range of personal and business banking services. We’ve been doing business since 1874 and pride ourselves on building long-term customer relationships that are based on mutual respect and understanding. Our relationship model is supported by simple, easy-to-understand banking products to help meet our customers’ financial needs. BOQ is one of the top 100 companies ranked by market capitalisation on the Australian Securities Exchange and are regulated by the Australian Prudential Regulation Authority as an Authorised Deposit-taking Institution.