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Appendix B: Realised investments

Introduction

The CEFC reports on its investment commitments each quarter and actively manages its investment portfolio. Changes in circumstances can often affect the final investment outcome. For example:

  • most investments are repaid or realised in the ordinary course of events, but some of these are repaid or sold earlier than expected; and
  • some investment commitments are never drawn, for example because the borrower fails to meet conditions precedent. They are reported here for the sake of completeness.

Figure 30: Investments realised through repayment in 2018–19

Borrower/project

Investment

Commitment

Repayment

Outcome

Ottoway Fabrication, SA

Finance for wind tower manufacturer in Whyalla

2017–18

$4,160,244

Debt fully repaid at maturity; project fully implemented

Flexi ABS Trust 2016-1

Participation in green bond issuance backed by residential rooftop solar

2016–17

$20,000,000

Green bond fully repaid

SEA Automotive Pty Ltd, Victoria

Working capital financing structure to support orders for electric truck range

2016–17

$1,231,476

Debt refinanced prior to maturity

Great Lakes Council, NSW

Finance for energy efficiency upgrades to council building and aquatic centre

2012–13

$122,649

Debt fully repaid at maturity; project fully implemented

Uterne Power Plant Pty Ltd, NT

Finance for 5MW solar portfolio in remote areas and Alice Springs

2013–14

$13,000,000

Debt refinanced prior to maturity; underlying project fully implemented

Yulara Solar Pty Ltd, NT

Finance for 1.8MW solar system at Voyages Resort

2014–15

$4,599,083

Debt refinanced prior to maturity; underlying project fully implemented

Palisade Investment Partners

Construction of the 112MW Granville Harbour Wind Farm, Tasmania

2017–18

$25,410,000

Sale of underlying asset stake; equity investment fully repaid

Investa Office Fund (IOF)

Participation in inaugural Green Medium Term Note

2016–17

$20,000,000

Sale of green bond

Warrnambool City Council, Victoria

Finance for 2,200 energy efficient residential streetlights

2012–13

$597,318

Debt fully repaid at maturity; project fully implemented

RES, Victoria

Construction of 240MW Ararat Wind Farm

2015–16

$67,000,000

Debt refinanced prior to maturity; project fully implemented

Australian Agricultural Company (AACo)

Co-financing for solar PV across 15 beef producing sites, Queensland

2012–13

$442,972

Debt fully repaid at maturity; project fully implemented

Baw Baw Shire Council, Victoria

Finance for 2,660 energy efficient residential streetlights

2013–14

$546,982

Debt fully repaid at maturity; project fully implemented

Neoen Australia

Construction of 35.9MWdc (30MWac) Griffith Solar Farm, NSW

2016–17

$40,849,372

Debt refinanced prior to maturity; project fully implemented*

Neoen Australia

Construction of 28MWdc (23.7MWac) Dubbo Solar Hub, NSW

2016–17

$30,621,218

Debt refinanced prior to maturity; project fully implemented*

Neoen Australia

Construction of 65.8MWdc (55MWac) Parkes Solar Farm, NSW

2016–17

$79,526,789

Debt refinanced prior to maturity; project fully implemented*

Windlab Ltd

Working capital to finance asset management and retained interests in operating wind farms

2015–16

$6,000,000

Debt refinanced prior to maturity*

Mount Alexander Shire Council, Victoria

Finance for energy efficient building upgrade, including lighting

2012–13

$105,679

Debt fully repaid at maturity; project fully implemented

* The CEFC remains involved as financier in the re-financed facility.

Figure 31: Investments partially realised, contractually cancelled, allowed to expire or reduced in 2018–19

Borrower/project

Investment

Commitment

Change

Explanation

Palisade Investment Partners

Ross River Solar Farm (142 MWdc, 116 MWac) Queensland

2016–17

$540,000

Reduced financial close requirements

ResourceCo Pty Ltd

Construction of Process Engineered Fuel manufacturing facilities

2016–17

$20,000,000

Reduced, due to sale of business

Westpac

Energy efficient finance program for Westpac customers

2015–16

$10,000,000

Reduced, as agreed with Westpac

Kwinana WtE Finance Co Pty Ltd, WA

Financing of Avertas Energy energy from waste facility

2018–19

$541,305

Reduced – debt sizing at financial close

Housing Plus, NSW

Construction of energy efficient community housing in regional cities

2018–19

$164,068

Reduced – debt sizing at financial close

EG Funds Management

Equity fund to acquire and upgrade commercial office buildings

2014–15

$25,000,000

Reduced, as agreed with EG

Ratch-Australia Corporation Ltd

226.8MW Collector Wind Farm, NSW

2018–19

$5,381,580

Reduced debt sizing at financial close

Ratch-Australia Corporation Ltd

50MWdc (42MWac) Collinsville solar farm, Queensland

2016–17

$4,426,353

Reduced at term conversion; undrawn funds not required

CBA

CBA Energy Efficient Equipment Finance Program

2016–17

$49,692,1501

Sale of bond under the CBA Energy Efficient Equipment Finance Program

Investa Commercial Property Fund

Equity investment in energy efficient commercial property portfolio

2016–17

$23,300,7292

Sale of units in Investa Commercial Property Fund

1 Proceeds received (original cost was $49,252,050).

2 Proceeds received (original cost was $18,578,375).