Lean, mean merger for
The staff, systems, and energy efficiency programs of the Government-owned agency Low Carbon Australia Limited (LCAL) have been merged into the Clean Energy Finance Corporation (CEFC).
Chair of the CEFC, Jillian Broadbent said working as one with the LCAL team would accelerate the speed with which the CEFC could build its operations.
“The organisational platform and the team’s proven experience in energy efficiency activities will be an enormous asset to the CEFC,” Ms Broadbent said.
“LCAL has developed innovative models for financing energy efficiency and the CEFC is keen to build on the experience, expertise and market goodwill created by LCAL’s pioneering work.
“LCAL will be a valuable resource for the CEFC in developing its own investments in the clean energy sector.”
Ms Broadbent said since 2010, LCAL had been working within the market place developing finance and investment models to boost private sector investment in energy efficiency.
“LCAL has contracted, or has under offer, more than $84 million of its funds,” she said.
“This, together with private sector co-financing, has made available over $200 million to cleaner energy in Australia.”
Ms Broadbent said the objective of the CEFC was to mobilise its own and private sector capital into renewable energy, low-emissions and energy efficiency projects and technologies.
“Investments in energy efficiency are expected to be an important part of the CEFC’s investment portfolio,” she said.
“The $10 billion, commercially orientated CEFC will build on and scale-up successful LCAL models.
“Existing LCAL contracts and investment programs will remain in place.”
She said the CEFC and LCAL Boards were committed to a seamless transition to one entity, with no loss of continuity in the market.
“This will facilitate the building of a pipeline of new investments by the CEFC from 1 July 2013,” Ms Broadbent said.
It was intended that all aspects of the merger will be completed by 30 June 2013.
Edition 344, 15 January 2013