Antinuclear

AUDIO: Government’s axing of Clean Energy Finance Corporation brings investor uncertainty

AUDIO: Renewable energy company calls for new government to provide certainty http://www.abc.net.au/worldtoday/content/2013/s3848082.htm Simon Lauder reported this story on Friday, September 13, 2013 12:18:00   SCOTT BEVAN: The Federal Government’s plan to axe the Clean Energy Finance Corporation is causing concerns for at least one major company in the sector. 

The Coalition says the clean energy finance corporation is little more than a hedge fund investing taxpayers’ money in financially unviable projects.
But Pacific Hydro, which has just benefited from a $70 million loan from the Corporation, says if the Coalition Government goes ahead with its plan, it must provide more certainty in the market or investment will suffer.

Simon Lauder reports. SIMON LAUDER: Pacific Hydro has announced it now has the money to go ahead with the fourth and final stage of a 179 megawatt wind farm near Portland in Victoria.

The company’s general manager Lane Crockett says private banks threw in more than $150 million after the government’s Clean Energy Finance Corporation invested $70 million in the project. 

LANE CROCKETT: The commercial banks will take a certain amount of risk on funding a project. Where the Clean Energy Finance Corporation has come in is that they’ve addressed the area of risk where there’s uncertainty in the renewable energy market.

SIMON LAUDER: The Coalition supports the mandatory renewable energy target of 20 per cent by 2020. It also supports regular reviews of that target. Under legislation the renewable energy target is reviewed every two years. The Government’s commitment to renewable energy is due for reconsideration again next year.

Mr Crockett says that creates too much uncertainty and loans from the Clean Energy Finance Corporation, or CEFC, make up for that………

September 14, 2013 - Posted by Christina Macpherson | AUSTRALIA - NATIONAL, politics