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Appendix F: Realised Investments

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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.
  3. Some loans can also end in default with a loss being realised. While the CEFC has not to date had a loan terminate in default, it is likely that at some stage this will occur, as for any lender.

Figure 66 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 Investment description Year of
commitment
Initial CEFC
commitment $'000
Investment outcome
Realised through repayment in full

Kingborough
City Council

Kingborough City Council

2012-13

$45

Loan was repaid in the ordinary course of business. The underlying projects were fully implemented

Wagga Wagga City Council

Wagga Wagga City Council - Oasis Aquatic Centre

2012-13

$208

Loan was repaid in the ordinary course of business. The underlying projects were fully implemented

Realised as facilities were either (partially or in full) contractually cancelled or allowed to expire

Bindaree Beef

Plant upgrade, incorporating anaerobic digestion, electricity generation and heat capture

2013-14

$15,000

Business elected not to proceed

CBA Master Funded Participation Agreement:
Stage 1

Master Risk Participation Agreement arrangement for Energy Efficient Loans to help businesses undertake energy efficiency investments

2012-13

$42,644

Commitment allowed to expire, superseded by a new Energy Efficient Equipment Finance program

CBA Master Funded Participation Agreement:
Stage 2

Master Risk Participation Agreement arrangement for Energy Efficient Loans to help businesses undertake energy efficiency investments

2013-14

$48,690

Commitment allowed to expire, superseded by a new Energy Efficient Equipment Finance program

Firstmac

Asset financing facility for energy efficiency and renewable energy assets

2014-15

$40,000

Reduced commitment as agreed between CEFC and Firstmac

Gannawarra, Whitsundays and Hamilton Solar Farms

Portfolio financing of three large-scale solar farms: 120MW in Collinsville, Queensland and 50MW in Kerang, Victoria

2016-17

$1,097

Reduction in commitment based on debt sizing criteria at financial close

Kidston Solar Project Pty Ltd

Finance for 50MW large-scale solar PV project at Kidston, Queensland

2016-17

$12,571

Reduction in commitment due to partial sell down (to commercial financiers) of CEFC facility at financial close

Landfill Gas Industries Pty Ltd

Finance for installation of gas generators at existing landfill sites with long-term gas contracts

2014-15

$1,846

Reduction in commitment at expiration of availability period

LaSalle Australia Core Plus Fund

Property equity fund targeting the commercial property sector

2015-16

$50,000

Resulting from change in fund manager and investment strategy

Lighthouse Solar Fund

Conditional commitment for equity in a new solar fund

2016-17

$15,000

Fund raised sufficient private sector capital to proceed to financial close without the need for CEFC involvement

Longreach Solar Farm

14MW utility scale solar farm near Longreach, Queensland

2016-17

$137

Reduction in commitment based on debt sizing criteria at financial close

Oakey Solar Farm

25MW utility scale solar farm near Oakey, Queensland

2016-17

$294

Reduction in commitment based on debt sizing criteria at financial close

Origin Energy Solar as a Service

Behind-the-meter solar financing program

2014-15

$40,000

Reduced commitment at borrower’s request

Origin Energy Limited

Facility established to enable on-bill financing of upgrades to energy equipment

2013-14

$6,135

Availability period expired prior to draw of full commitment

Origin Energy Limited

Facility established to enable on-bill financing of upgrades to energy equipment

2013-14

$382

Availability period expired prior to draw of full commitment

SGCH (St George Community Housing)

Provision of funding to facilitate clean energy initiatives in a community housing portfolio

2015-16

$20,000

Contingent commitment replaced with a second larger facility

Sun Edison Solar Fund

The rollout of programs to originate, design, install and own solar PV systems for residential and commercial customers

2013-14

$70,000

Fund did not raise sufficient private sector capital (a condition precedent to CEFC finance) to proceed to financial close

Windlab Ltd

Windlab required finance for its asset management services and to facilitate retention of development interests in operating wind farms

2015-16

$2,000

Reduced commitment as a result of change in borrower conditions

Figure 66: Realised investments 2016-17

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