While the CEFC has considerable capital to invest, we remain a relatively small organisation in terms of the number of staff. Key organisational tasks include investment origination, transaction execution, portfolio management and support for early stage innovative technologies and financing projects. We also work across the legal, finance, compliance and risk management, marketing and communications, investment research, stakeholder relations, people and culture, and administrative functions.

In December 2018, the CEFC received a new Ministerial direction under the Clean Energy Finance Corporation Investment Mandate Direction 2018 “to include in its investment activities a focus on technologies and financial products as part of the development of a market for firming intermittent sources of renewable energy generation, as well as supporting emerging and innovative clean energy technologies”.

The new direction builds on the work of the CEFC in bringing low emissions energy to the grid, while encouraging the CEFC to prioritise investments that support reliability and security of electricity supply, alongside our continuing investments in solar, wind, bioenergy and other technologies in the renewable energy sector.

We subsequently refreshed our organisational structure, with the creation of a dedicated Clean Futures Team to focus on identifying and shaping longer-term investable opportunities reflected in the revised Investment Mandate. These include the electricity grid and renewable energy zones; emerging technologies such as storage and hydrogen; non-energy emissions; and nation building projects such as interconnectors.

This team works alongside our Investment Team, which has a continuing focus on accelerating investment in near-term opportunities across multiple sectors of the economy, as well as the Clean Energy Innovation Fund.

During the year the organisational structure was further adjusted, reflecting our commitment to operating with organisational effectiveness. A Chief Asset Management role was created; the investment and operational risk functions came together under a Chief Risk Officer; the Compliance and Corporate Secretariat functions moved to General Counsel/Company Secretary; and the Marketing and Communications and Human Resources teams moved to People and Culture. See Figure 25.

The CEFC has two subsidiaries, with 100 per cent of the issued share capital held by the CEFC:

• CEFC Investments Pty Limited (ACN 616 070 430)
• Clean Energy Investment Management Pty Limited (ACN 628 443 854).

Figure 25: CEFC organisational structure