CEFC launches loan programme to promote clean energy use across local councils in Australia

6 December 2015 (Last Updated December 6th, 2015 18:30)

Clean Energy Finance Corporation (CEFC) in Australia have initiated an A$250m ($183.3m) programme to promote renewable power generation in the country through local councils.

Clean Energy Finance Corporation (CEFC) in Australia have initiated an A$250m ($183.3m) programme to promote renewable power generation in the country through local councils.

The funds are to be awarded under the CEFC Local Government Finance Programme for local projects aimed at renewable energy, energy efficiency and low emissions technologies.

CEFC Corporate and Project Finance executive director Paul McCartney said: "Australia-wide, councils are under continued pressure to effectively and efficiently manage their operations.

"Local governments across Australia administer a vast network of street lights, community centres, libraries, sport and recreation facilities and other public access buildings.

"We see strong potential for operational savings through a range of renewable energy, energy efficiency and low emissions technologies."

"We see strong potential for operational savings through a range of renewable energy, energy efficiency and low emissions technologies. This programme will provide councils with access to finance to help accelerate the adoption of these improvements."

The councils will be allowed loans of at least A$10m ($7.3m) for a single project or package of works.

This Initiative is an addition to the $30m clean-energy focused programme, which supports Melbourne’s target to reach zero net emissions by 2020.

McCartney said: "The CEFC has identified energy from waste projects as an area where councils can generate energy by reusing landfill waste.

"We’ll also be speaking with councils about improving air conditioning, installing smart controls and voltage optimisers to improve the energy efficiency and performance of their buildings."

The programme will allow multiple councils to avail the funds jointly, along with the option to draw finance within three years.