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04 Appendices

Appendix F: Realised Investments

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:

  1. Most investments are repaid or realised in the ordinary course of events, but some of these are repaid or sold earlier than expected
  2. 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 28 shows all CEFC investments that, for various reasons, were concluded during the year, including ‘realised’ investments. Investments which are only partially repaid or partially disposed of are not reported here as ‘realised’ investments at this time.

Borrower/Project Investment Description Year of Commitment CEFC Commitment Repaid Investment Outcome
Wagga Wagga City Council Local government civic centre, civic theatre and airport upgrade of lighting, lighting controls and voltage reduction units 2012-13 $209,725 Loan repaid in the ordinary course of business. Underlying project fully implemented.
NovaPower Pty Ltd Installation of gas fired electricity generators in places of constrained distribution network capability at Traralgon, Victoria 2012-13 $5,720,000 Loan repaid due to the acquisition of NovaPower Pty Ltd by a third party that chose to fully repay CEFC finance. Underlying project fully implemented.
Moree Solar Farm Senior debt finance for the development and construction of a 67MWdc (56MWac) solar photovoltaic power plant in Moree, New South Wales 2013-14 $46,076,130 Loan repaid due to the refinance of the syndicated debt facility. Underlying project fully implemented.
The Australian Environmental Upgrade Fund 2 A trigeneration plant to produce low carbon thermal energy to provide heating and cooling for 3,000 residences and 65,000sqm of retail and commercial space in 14 buildings 2012-13 $9,841,662 Loan repaid in the ordinary course of business. Underlying project fully implemented.
International Parking Group Lighting upgrade for two car parks at the St George Hospital in Sydney and a car park at the Sydney Eye Hospital 2012-13 $260,765 Loan repaid upon maturity. Underlying project fully implemented.
Woodlawn Wind Farm Refinance of existing 48.3MW Woodlawn Wind Farm at Tarago, NSW 2013-14 $25,854,658 Loan repaid due to refinance of corporate facility. Underlying project fully implemented.
Genex Power Pty Ltd Corporate facility for equity contingency for the Genex 50MW large-scale solar project at Kidston in north Queensland 2017-18 $4,100,000 Loan repaid in the ordinary course of business. Underlying project in construction.
Macarthur Wind Farm Refinancing of a 50 per cent participating interest in a 420MW wind farm in Victoria 2012-13 $50,000,000 Loan repaid upon maturity. Underlying project fully implemented.
Landfill Gas Industries Pty Ltd Corporate loan for installation of gas generators at existing landfill sites with long-term gas contracts 2014-15 $8,154,173 Loan repaid in the ordinary course of business. Underlying project fully implemented.
Origin Energy Solar as a Service Origin Energy behind the meter solar financing program 2014-15 $60,000,000 Reduced commitment agreed between CEFC and Origin Energy Ltd. Outstanding amount fully repaid.
Origin Energy Ltd Provision to extend original on-bill financing offer 2013-14 $864,537 Reduced commitment agreed with Origin Energy Ltd. Outstanding amount fully repaid.
Origin Energy Limited Facility to enable on-bill financing of upgrades to energy efficiency equipment, with repayments via utility bills 2012-13 $1,543,369 Reduced commitment agreed with Origin Energy Ltd. Outstanding amount fully repaid.
Darling Downs Fresh Eggs Co-financing of a waste-to-energy project using an anaerobic digester and generators to provide power and heat from chicken manure and other organic waste 2013-14 $953,785 Loan settled, with partial loss, after borrower entered administration and was sold to a competitor. Underlying project fully implemented.
Figure 28: Investments realised through repayment in 2017-18

 

Borrower/Project Investment Description Year of Commitment CEFC Commitment Repaid Investment Outcome
Fleet Partners/ Eclipx FP Turbo Trust 2007-1 Facility to fund the operating and novated leases of ‘green’ fleet vehicles by Fleet Partners 2015-16 $17,200,000 Reduced commitment (due to refinance) agreed with Fleet Partners/Ecplix
EG Funds Management Equity fund to acquire commercial properties and undertake building upgrades to lift NABERS ratings to no less than 4 Stars 2014-15 $50,000,000 Reduced commitment agreed with EG Funds Management.
Coleambally Solar Farm Development of a large-scale solar farm near Griffith in New South Wales 2017-18 $256,298 Reduced commitment based on debt sizing criteria at financial close.
Impact Investment Group Solar Income Fund Debt funding for the development of solar projects 2016-17 $26,203,000 Reduced commitment agreed with Impact Investment Group.
Ottoway Fabrication Funding for a wind tower manufacturer, based in Whyalla, South Australia 2017-18 $39,756 Reduced commitment at expiration of availability period.
Bannerton Solar Farm Finance for 110.2MWdc (88MWac) large-scale solar farm in north-west Victoria 2017-18 $809,398 Reduced commitment based on debt sizing criteria at financial close
SEA Automotives Pty Ltd Working capital financing structure for a range of electric trucks 2016-17 $3,768,524 Reduced commitment at expiration of availability period.
University of Melbourne Solar and energy efficiency works on campus at Parkville in Victoria 2015–16 $223,325 Reduced commitment agreed with University of Melbourne.
Sacyr Environment Australia Pty Ltd Organics processing facility to convert municipal waste to compost for a group of Melbourne Councils 2017-18 $7,025,224 Reduced commitment based on debt sizing criteria at financial close.
Australian Bioenergy Fund BioEnergy Equity fund managed by Foresight Funds Management 2015-16 $100,000,000 Fully cancelled commitment at expiration of availability period, with alternate finance structure under development.
Figure 29: Investments either partially or fully realised, contractually cancelled, allowed to expire or reduced in 2017-18
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