[ exact phrase in "" • ~10 sec • results by date ]

[ Google-powered • results by relevance ]

LOCATION/TYPE

News Home
Archive
RSS

Subscribe to RSS feed

Add NWW headlines to your site (click here)

Sign up for daily updates

Keep Wind Watch online and independent!

Donate $10

Donate $5

Selected Documents

All Documents

Research Links

Alerts

Press Releases

FAQs

Publications & Products

Photos & Graphics

Videos

Allied Groups

Clean energy fund investment concerns  

Credit:  Shannon Twomey | July 3, 2013 | www.weeklytimesnow.com.au ~~

Concerns are growing over the Federal Government’s Clean Energy Finance Corporation providing finance to the wind industry.
This week, the CEFC provided its first ever wind industry finance and investment by paying $37.5 million in senior debt finance for the construction and operation of the Taralga wind farm, located about 45km north of Goulburn in NSW.

The CEFC also invested $50 million as part of the refinancing of the Macarthur wind farm.

Democratic Labor Senator John Madigan criticised the CEFC by saying Australian taxpayers money would be better spent on other things.

“I don’t understand why the Australian taxpayer is loaning money to foreign companies?” Senator Madigan said.

“Why are we helping these particular companies and not Australian ones?

“That money would be better spent helping our farmers, our manufacturers, our schools and our hospitals, among many other things.”

CEFC chief executive Oliver Yates said the company was examining investment in a number of significant wind farm projects, but future investments were yet to be confirmed.

“The senior finance debt provided to the Taralga wind farm saved 75 jobs at Kepple Price in Portland, the turbine maker company associated with the wind farm,” Mr Yates said.

“Successful refinancing deals help send a strong message to future large-scale renewable energy projects in Australia that it is possible for developers to successfully complete a development-finance-exit cycle.

“The CEFC wants to assist the wind power industry to get deals done and the company looks forward to working with the industry to achieve outcomes that set Australia on a cost competitive and efficient path to tomorrow.”

The CEFC is a legislated $10 billion fund dedicated to investing in clean energy.

Under its enabling legislation, its investment activities are funded through a special appropriation of $2 billion to a special account every year for five years, commencing from July 1, 2013.

Source:  Shannon Twomey | July 3, 2013 | www.weeklytimesnow.com.au

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

Wind Watch relies entirely
on User Funding
Donate $5 PayPal Donate

Share:


News Watch Home

Get the Facts Follow Wind Watch on Twitter

Wind Watch on Facebook

Share

CONTACT DONATE PRIVACY ABOUT SEARCH
© National Wind Watch, Inc.
Use of copyrighted material adheres to Fair Use.
"Wind Watch" is a registered trademark.
Share

Wind Watch on Facebook

Follow Wind Watch on Twitter