Antinuclear

Pacific Hydro has received a $70 million loan from the Clean Energy Finance Corporation (CEFC) towards the $110 million wind farm comprising 23 turbines. Environmentalists have slammed the decision to scrap the corporation they argue will help the country meet the 20 per cent renewable figure by 2020 known as the Renewable Energy Target (RET).

Pacific Hydro boss Lane Crockett said the CEFC had been “pivotal in enabling the project to move forward”.  Around 400 jobs are expected to come out of the construction that will take two years to complete. It’s likely the wind farm would have faced long delays if the CEFC hadn’t stepped in to help fund the last stage of the project.

Developers are also giving commitments to use locally-made components and towers. The corporation signed off on the loan before the government entered caretaker mode — a move that ensures the cash will still flow into the project.

The 47-megawatt wind farm covers two sites at Cape Nelson north and Cape Sir William Grant near Portland and according to Pacific Hydro will generate enough power for more than 31,000 Victorian homes — offsetting 180,000 tonnes of carbon pollution each year.

The first two stages of the project saw turbines established at Cape Bridgewater and Cape Nelson south in 2009.

……Scrapping the CEFC will make it harder for smaller companies to put up turbines. …  The corporation has made pleas to incoming climate change minister Greg Hunt, arguing the corporation has been making good returns from the green loans.    But Mr Hunt is unconvinced. ….http://www.standard.net.au/story/1773466/green-fund-scrapped/?cs=73