ARENA and CEFC finance 70 MW solar project in New South Wales
Written By: Tracy Dawson Roses
May 5, 2015
On May 5, The Australian Renewable Energy Agency (ARENA) and the Clean Energy Finance Corporation (CEFC) have funded a Fotowatio Renewable Ventures solar project in New South Wales. The 70 MW, $164 million project received $101 million funding support from ARENA and debt on commercial terms from CEFC.
ARENA was established by the Australian Government to make renewable energy technologies more affordable and increase the amount of renewable energy used in Australia. ARENA invests in renewable energy projects and supports research and development activities. ARENA is currently supporting more than 200 projects and is actively seeking new projects to support.
The Clean Energy Finance Corporation (CEFC), a statutory authority established by the Clean Energy Finance Corporation Act 2012, mobilizes capital investment in renewable energy, low-emission technology and energy efficiency in Australia. It invests using a commercial approach to overcome market barriers and mobilise investment in renewable energy, energy efficiency and low emissions technologies.As at 30 June 2014, the CEFC had contracted investments of over $900 million in projects with a total value of over $3 billion.