Australian Multi-Billion Fund to Focus on Offshore Wind

Australian Federal Government will include wind power in the new investment mandate of the Clean Energy Finance Corporation (CEFC), with a special focus on offshore wind energy, the national media reported.

With this move, the country’s new Prime Minister Malcolm Turnbull has made a U-turn on the energy policy of his predecessor Tony Abbott, who had banned investment in new wind power projects.

On 3 December, Environment Minister Greg Hunt, who announced Australia will look into its offshore wind potential in early November, and Finance Minister Mathias Cormann signed the new mandate, under which the CEFC will support “emerging and innovative” wind energy systems, but is encouraged to focus on offshore wind technology, Sydney Morning Herald reports.

Even though onshore wind is not excluded as a field for investment, it is seen as being more viable for funding from commercial sources.

The CEFC, an AUD 10 billion fund established in 2012, mobilises capital investment in renewable energy, low-emission technology and energy efficiency in Australia. The CEFC is credited with AUD 2 billion per year from 1 July 2013 to 2017. The amounts are set to roll over to be available in future years if not invested in one year.

Offshore WIND Staff