The Clean Energy Finance Corporation (CEFC) has committed $50 million in Energy Efficiency Loans (EELs) to help businesses improve their energy productivity.
The CEFC commitment for Energy Efficiency Loans (EEL) is matched by Commonwealth Bank and is a significant scale up on the previous agreement the bank had with Low Carbon Australia.
$10.5 million of investment projects have already been funded by the co-financing arrangement with Low Carbon Australia, which has now been integrated into the CEFC, to assist manufacturers reduce energy costs, including a trigeneration plant, industrial refrigeration upgrade and more efficient printing presses.
The partnership between CEFC and Commonwealth Bank will provide over $100 million in new funding for mid-range businesses seeking to reduce their energy costs.
“These loans are designed to help businesses upgrade equipment for improved energy efficiency and can be used to finance up to 100% of the project cost, enabling businesses to preserve their working capital,” said Oliver Yates, CEFC CEO.
Oliver Yates, CEFC CEO
“The CEFC and Commonwealth Bank agreement will provide finance that enables businesses to take immediate advantage of energy and operating cost savings from new equipment, positioning them to be more competitive.”
The EELs can be used to fund the purchase of equipment such as: energy-efficient lighting; industrial refrigeration; methane capture; heat exchangers; energy-efficient motors, pumps and fans; solar panels, compressed air and variable speed drives; and cogeneration and trigeneration plants.