GBN Member Transaction Database

SEA Electric is converting medium-duty trucks and commercial vans into electric vehicles. The technology allows adaptation to most van and light/medium duty truck platforms. It is suited to vehicles, which travel relatively fixed and known route distances, that return to base for overnight charging. The electric vehicles will perform express freight, general delivery and waste collection duties around Australia.

CEFC committed AU$5 million in debt finance to help the business take its next growth step, enabling it to purchase components for its next business orders. As the cost of lithium ion reduces, SEA Electric expects heavy duty trucks and buses to become economically viable as well.

A disused coal-fired power station at Collinsville in Queensland is being redeveloped as a 42MW (AC) solar plant. CEFC committed up to AU$60 million in senior debt finance to the AU$100 million Collinsville Solar Plant which has also been awarded AU$9.5 million funding from the Australian Renewable Energy Agency (ARENA).

Australia’s first peer-to-peer green lending platform, RateSetter’s Green Loan marketplace, has been brought to life with a AU$20 million investment commitment from CEFC. The innovative online platform brings together investors, borrowers and clean energy product providers who have a shared interest in low emissions, energy efficiency and renewable energy projects.

It will allow investors to lend directly to creditworthy borrowers looking to buy or install an approved “green” product. Through the online platform, investors can nominate the amount they wish to invest, the interest rate they are prepared to accept, and their request can then be matched to approved borrowers. Borrowers can access finance to invest in eligible clean energy assets.

GFO committed to invest US$5 million in an offshore wind project in Aomori prefecture.

The Clean Energy Finance Corporation is committing an additional AU$180 million in finance to the NAB Energy Efficient Bonus program, following its overwhelming success in helping Australian businesses transform their energy use. The new finance means the CEFC has committed AU$300 million to the NAB Energy Efficient Bonus program, which was launched in 2015 with an initial AU$120 million commitment from the CEFC.

The Energy Efficient Bonus program provides customers with a 0.7 per cent discount on NAB’s standard equipment finance rate for loans for eligible clean energy investments, such as vehicles, energy efficient irrigation systems, solar PV, building upgrades, lighting upgrades, processing line improvements and refrigeration. Customers looking to purchase and install new equipment can go to their regular relationship manager and discuss the potential to finance more energy efficient alternatives or renewable technologies. Discounted loans are available for up to 10 years for amounts between AU$10,000 and AU$5 million.

CEFC committed AU$19 million to Investa Commercial Property Fund’s (ICPF) first Green Bond – a AU$100 million issuance certified by the Climate Bonds Initiative. ICPF said the issuance closed oversubscribed and the strong level of interest received in the issuance clearly demonstrates the underlying quality of the ICPF portfolio and confidence in Investa’s ongoing ability to deliver strong performance.

Proceeds from the bonds will be used to retire existing debt facilities and will be fully allocated against a portfolio of low carbon buildings in the ICPF’s portfolio. The 10-year bonds with a semi-annual fixed coupon of 4.25 per cent per annum are rated ‘A-‘ by Standard & Poor’s (S&P).

Leading resource recovery company ResourceCo Group is rolling out facilities at Wetherill Park in Sydney that will transform selected non-recyclable waste streams into Processed Engineered Fuel (PEF). CEFC lent AU$30 million to Resource Co to build two new plants. The first, a plant at Wetherill Park in Sydney, will be capable of processing 150,000 tonnes of waste materials per annum. The Sydney plant benefits from New South Wales EPA grant funding of AU$5 million and is eligible for Australian Carbon Credit Units (ACCUs). A second plant is to be built in another Australian state yet to be announced.

Once at the plant, traditionally landfill-bound waste materials are sorted. Through a process of shredding, screening and separating, inert content with no energy value is extracted while the balance of the content is converted into a dry solid fuel product. The fuel will initially be used locally, but will also be exported, as an alternative to coal and gas, for use in cement kilns in Asia.

CEFC committed AU$81 million to help accelerate the development and delivery of the AU$236 million 113 MW Bodangora wind farm, near Wellington in the state’s central west. EnergyAustralia will purchase 60 per cent of Bodangora’s energy generation to 2030, with the balance of the project’s output to be actively managed within Infigen’s energy markets risk framework. Germany’s Norddeutsche Landesbank Girozentrale (NORD/LB) bank is also making its first wind financing in Australia, as a co-lender to the Bodangora project. By supporting projects such as Bodangora, which have an element of merchant energy price risk, CEFC delivers a tailored financing model that supports the developer’s needs as well as mitigates risk to the lender.

BQ Energy is a Poughkeepsie, New York-based renewable energy project developer specializing in landfill and brownfield site redevelopment. NYGB’s US$1.1 million construction loan and term loan facility enabled BQ to complete a 0.87 MW project, to be constructed on a remediated landfill located in, and owned by, the Town which is in Ulster County. All Electric will construct the Project under a standardized balance of plant contract utilizing top tier panels, inverters, and racking systems. The Project will generate revenue by selling clean power (or, more specifically, selling the value of clean power evidenced by net metering credits) to the Town.

NYGB’s participation in the Project – and in similar future developments included in the proposed portfolio arrangement – will help expand financing opportunities for smaller (less than 10.0 MW) solar systems, by fostering standardization in the underwriting process (which is the process a lender uses to assess the creditworthiness or risk of a potential borrower) including a streamlined, uniform approach to integrating contractors, developing contracts, and utilizing standardized equipment.

Commonwealth Bank of Australia issued its first climate bond, a AU$650 million transaction linked to a broad portfolio of clean energy assets. CEFC was a cornerstone investor in the CBA bond, with a AU$100 million commitment. The CBA said proceeds from the issuance would fund 12 eligible Australian projects, including renewable energy generation through wind power, energy efficient buildings and low-carbon transport projects. The bond is backed by more than AU$1 billion of domestic renewable and low-carbon projects that meet the Climate Bonds Initiative’s (CBI) Climate Bond Standards. The CBA Climate Bond will be reviewed regularly internally by the bank, and by Ernst & Young (EY), which will provide independent review against the CBI standards annually until the bond matures in February 2022.

A new climate bond has been issued by FlexiGroup with an underlying asset base of residential rooftop solar. The CEFC made a cornerstone commitment of AU$20 million to the AU$50 million tranche, which was certified by the global Climate Bonds Initiative (CBI). The AU$50 million climate Class A2-G Note was priced at a yield 0.03% lower than the similar Class A2 Note, which was identical except for the lack of CBI certification, again indicating strong investor demand for clean energy investment opportunities. The bond is backed by consumer receivables originated through FlexiGroup’s wholly-owned subsidiary Certegy Ezi-Pay Pty Ltd, which has financed more than 120,000 solar PV rooftop installations.

CEFC committed AU$20 million to the Investa Office Fund (IOF) inaugural Green Medium Term Note, the first certified Australian dollar green bond to be issued by an Australian REIT. IOF said the AU$150 million bond was received favourably by the market and was over-subscribed. It said proceeds from the green bond issue will be used to reduce IOF’s existing bank debt facilities and will be fully allocated against a portfolio of low carbon buildings within IOF’s portfolio.

This transaction is the first AUD green bond issuance by a non-financial corporate and the first certified issuance by an Australian property entity in any jurisdiction. This transaction provides a model for the broader property sector in seeking new sources of finance for clean energy projects. It also demonstrates the potential for different issuer types to access the green bond market and strengthens the case for investors to expand their mandates for investment in green bonds.

CEFC made a AU$130 million finance commitment to community housing provider SGCH for the construction of 300 new energy efficient homes in Sydney. The New South Wales Government announced today that SGCH was awarded a contract to build 300 new dwellings under the first phase of the new Social and Affordable Housing Fund (SAHF). CEFC finance will enable SGCH to build all its SAHF homes to a higher energy efficiency standard, with the new homes built to an average 7-Star National Housing Energy Rating System (NatHERS) rating. This investment is part of CEFC’s Sustainable Cities Investment Program.

The SAHF is a key component of the NSW Future Directions for Social Housing in NSW strategy that will result in more social and affordable housing dwellings linked to tailored support, to help households gain independence. The AU$1.1 billion SAHF is aiming to ultimately deliver 2,200 new social and affordable homes across metropolitan and regional NSW, working alongside non-government housing providers.

Spruce is a consumer finance company that provides U.S. homeowners with financing for residential solar and energy efficiency improvements. Among its product offerings, Spruce makes residential solar energy systems available to homeowners pursuant to 20 to 25-year Power Purchase Agreements and lease agreements. Spruce engaged Investec Bank PLC to structure, arrange, and syndicate a US$99.4 million senior, secured term loan (the “Credit Facility”) to refinance an existing aggregation credit facility. The Credit Facility will refinance 86.0 MW of generating capacity across 12,711 homes in 11 states. Over 6.2% of Spruce’s current portfolio is located in NYS and
Spruce has placed an emphasis on growing its business in the State. NYGB committed $US6.0 million to this transaction.

NYGB’s participation in the Credit Facility provides additional liquidity to support Spruce’s ongoing expansion. It also helps to establish a medium-term lending market as an alternative to refinancing through the traditional asset-backed security market, which currently has limited capacity for these types of assets.

NY Green Bank committed US$20.0 million to participate in a US$37.5 million revolving back leverage aggregation facility for Vivint Solar Inc., a national residential solar installer. This represents an expansion of NYGB’s support for Vivint Solar’s development efforts in New York State after NYGB provided US$37.5 million in a term loan to Vivint Solar in August 2016. As a participant with other banks in the Aggregation Facility, NYGB’s capital will help to provide incremental liquidity for Vivint Solar to develop additional projects in NYS. Up to 25.0 megawatts of new projects are expected to be financed as a result of the Aggregation Facility and represent approximately 2,100 residential solar systems in the State. When added to the systems supported by the Term Loan, the total impact to NYS is expected to be at least 52.0 MW and 6,700 systems.

Australia’s Edify Energy and leading international renewable energy investor Wirsol are constructing three large scale solar farms that will add a combined 165MW of capacity to the national electricity grid. CEFC committed a total of AU$78 million to the three projects and its loan is part of a AU$230 million syndicated senior debt facility that also involves Commonwealth Bank and Germany’s NORD/LB. The Whitsunday project also receives up to AU$9.5 million in grant funding from the Australian Renewable Energy Agency (ARENA), as part of its large-scale solar funding round.

The Commonwealth Bank’s involvement marks a significant turning point for large-scale solar financing in Australia. The Commonwealth Bank worked alongside the CEFC to compete the financing over a longer tenor, which is notable given the merchant rice risk component of the project.

Building Energy Holding US LLC (as sponsor), and Distributed Sun, partnered to develop, finance, build, and operate four solar energy systems (Snyder Road, Harford, Musgrave East, and Musgrave West) located in and around Ithaca, NY. NYGB provided a term loan of US$10.5 million in connection with these developments. Each project
provides up to 2.0 MW (AC) of installed capacity and has a separate 20-year PPA with Cornell University. Snyder Road commenced operations in 2014, and the other three projects began operations in 2016. Each project is owned through an inverted lease tax equity structure with Building Energy Holding US and Distributed Sun as the owners and the tax equity investor providing private capital.

CEFC invested AU$50 million in debt finance in the development of the Phase One 50MW large-scale solar farm at its Kidston Renewable Energy Hub, 270km north west of Townsville. The innovative project is based around the former Kidston gold mine. The project will be the first of its kind in Australia to co-locate a large-scale solar farm with a large-scale pumped hydro storage project, creating a combined generation and storage model that can be used elsewhere. By using clean energy to extend the life of the disused gold mine site, the Kidston project also creates a potential model for other disused mine sites around Australia.

The project received a debt funding arrangement of approximately AU$100 million from Société Générale, with CEFC taking care of the EPC requirements and O&M costs. Development costs of the project will be handled by project finance equity and the Australian Renewable Energy Agency (ARENA), who provided AU$8.85 million of grant funding through its Large-Scale Solar Competitive Round.

In January 2017, NY Green Bank provided a 12-month senior secured US$1.0 million bridge loan facility to Distributed Sun, LLC., a national energy services provider, and its affiliate SUNEIGHT LLC. Upon DSUN’s request, NYGB increased the Bridge Loan size by US$2.0 million in March 2017. Bridge Loan proceeds will finance project interconnection advanced payments to New York State Electric & Gas Corporation for community distributed generation solar projects. This transaction is expected to provide New York State residents and businesses with a greater variety of energy choices and, ultimately, lower-cost clean energy opportunities.

Lincs offshore wind farm is a 270 MW, 75 turbine offshore wind farm located 8km off the Lincolnshire Coast. It has been operational since 2013. The Green Investment Bank Offshore Wind Fund and managed co-investment entities acquired a 44% stake in the wind farm.

CEFC invested AU$100 million in the AMP Capital Wholesale Office Fund (AWOF), which is aiming to deliver a property portfolio of net zero carbon emission buildings by 2030. The CEFC investment in the AU$4.7 billion AMP Capital fund will help accelerate the development of world-leading energy efficient commercial property portfolios in Australia. The CEFC’s AWOF investment is another example of its focus on delivering clean energy solutions in Australian cities, as part of its Sustainable Cities Investment Program. Under its investment agreement with the CEFC, AWOF will target cutting emissions from its property portfolio to zero in just 13 years, exceeding the goals of the internationally-recognised Science Based Targets program, which aims for a minimum 55 per cent reduction in property sector CO2-e emissions intensity by 2050. AWOF will also aim for a portfolio-wide average NABERS Base Building Energy rating of 5.0 stars by 2020 and 5.5 stars by 2030.

GIB has provided a GB£6.8 million Green Loan with the Barking and Dagenham London Borough Council that could save the council up to GB£21 million. The loan will be used to finance the replacement of around 14,790 traditional streetlights with new energy-saving LED alternatives. The refurbishment of around 3,300 streetlight columns and the installation of a new central management system are also covered by the agreement.

CEFC, through the Clean Energy Innovation Fund committed AU$10 million in equity as part of a AU$50 million capital raising that will help Carbon Revolution expand production from under 6,000 to over 100,000 wheels a year. Carbon Revolution’s innovative carbon fibre wheels offer an alternative to aluminium wheels, and are up to 13 times stronger and typically 40 per cent lighter. When fully integrated in car design, the wheel technology can deliver a six per cent improvement in fuel efficiency.

When they were offered, incentives from CGB for CHP projects were capped at US$450 per kilowatt (KW) and a total budget of US$2 million per year for 3 years for CHP projects up to 5MW. This loan loss reserve program was directed towards CHP projects in Connecticut.

This transaction financed a 25MW (AC) solar farm over two sites, one east of Dubbo and one north of Narromine. CEFC committed almost a total of almost AU$150 million in finance towards the AU$230 million total cost of the Griffith, Dubbo, and Parkes solar farms. The projects also received a total of around AU$16 million from the Australian Renewable Energy Agency (ARENA) as part of their Large-Scale Solar Funding Round.