The Clean Energy Finance Corp (CEFC) has formed a $100 million agreement with the Bank of Queensland’s BOQ Finance (BOQF) division to assist businesses in switching to clean energy.
In the past six years, the CEFC has worked with major banks and non-bank lenders to deliver tailored co-finance programs to businesses to encourage investment in clean energy technologies which can reduce their use of grid energy as well as lower their carbon emissions.
The CEFC finance has been used in more than 11,300 projects, ranging from $10,000 to $5 million. The average investment is $125,000. Businesses drawing on from these programs include manufacturers, agribusinesses and building owners.
The BOQF Energy Efficient Equipment Finance program is drawing on CEFC finance to offer a 0.7 per cent per annum discount on the finance rate for a range of eligible projects.
Eligible projects may include:
- Rooftop solar systems and solar thermal systems
- Agricultural equipment, including tractors, headers and irrigation
- Battery storage
- Battery electric vehicles and plug in hybrid electric vehicles
- Lighting, HVAC and commercial refrigeration equipment
The CEO of the CEFC, Ian Learmonth, said, “We’re making a real difference for businesses across the country, by working with leading Australian lenders to provide competitive finance for clean energy investment.
“These co-finance programs have proved to be efficient, effective and easy to access for borrowers, who have used them to help finance more than $1 billion in new investments in clean energy.
“The co-finance programs allow us to rapidly extend the reach of our finance across a diverse range of projects, delivering real and measurable benefits to the economy and to our environment. We are delighted to now include Bank of Queensland Finance in this program.”
BOQF Chief Executive Officer, Verity Gilpin, said, “We pride ourselves on our innovative approach to finance and delivering end-to-end solutions that transform the way our partners operate.
“An increasing number of our customers are seeking clean energy alternatives, and we are pleased to be working with CEFC to make the up-front investment in sustainable solutions simpler and more affordable.”
CEFC Transaction Lead, Grace Tam, said, “The BOQF Energy Efficient Equipment Finance program will help businesses capture the clean energy benefits of lower energy use, improved productivity and lower carbon emissions.”