CEFC Chair Jillian Broadbent said, “working as one with the LCAL team will accelerate the speed with which the CEFC can build its operations. The organisational platform and the team's proven experience in energy efficiency activities will be an enormous asset to the CEFC.”
LCAL has developed innovative models for financing energy efficiency and the CEFC is keen to build on the experience, expertise and market goodwill created by LCAL’s work.
Since 2010, LCAL has been effectively working within the market place developing successful finance and investment models to boost private sector investment in energy efficiency. LCAL has contracted, or has under offer, more than $84 million of its funds. This, together with private sector co-financing, has made available over $200 million to cleaner energy in Australia.
LCAL chairman, Martijn Wilder said, “integrating the LCAL program, operation and staff expertise with the CEFC will enable continued growth of its activities. It means the LCAL team, which has done an outstanding job building a successful clean energy finance organisation, will continue to work with existing clients and those wishing to develop new CEFC financing opportunities.”
The objective of the CEFC is to mobilise its own and private sector capital into renewable energy, low-emissions and energy efficiency projects and technologies. Investments in energy efficiency are expected to be an important part of the CEFC’s investment portfolio.
The $10 billion, commercially orientated CEFC will build on and scale-up successful LCAL models. Existing LCAL contracts and investment programs will remain in place.
It is intended that all aspects of the merger will be completed by 30 June 2013.
This article first appeared in BEN Global.
