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).
Visit
https://www.transparency.gov.au/annual-reports/clean-energy-finance-corporation/reporting-year/2018-2019-62