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Accelerating Clean Energy Investment Backing Technology and Innovation to Transform Our Economy

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Accelerating Clean Energy Investment Backing Technology and Innovation to Transform Our Economy Accelerating clean energy investment Backing technology and innovation to transform our economy 2020 2019 2018 2017 2016 8b 7. 2 2015 2014 2013 b .0 4 2 2 .2 b 3 . 3 2 . b 5 b 5 . 7 b b 0 . 9 1 11.0b Annual Report 2019–20 The CEFC is a specialist investor with a deep sense of purpose: to be at the forefront of Australia’s successful transition to a low carbon economy. We invest in new and emerging technologies and opportunities on behalf of all Australians, operating with the support of the Australian Government. As a specialist investor we have a clear focus on clean energy to deliver benefits for generations to come. Our approach is founded on our shared values: to make a positive impact, to collaborate with others, to champion integrity and to embrace innovation. 2019–20 highlights New CEFC investment commitments of more than $1 billion, supporting investments with a combined value of $4.2 billion in the year to 30 June 2020 CEFC finance extended to new areas of the economy, delivering Australia’s first dedicated green bond fund, the first CEFC green home loan and a material uplift in the capacity of Australia’s largest battery New investment commitments of just over $13 million in three cleantech innovators, as well as increased investment of $3.4 million in two other portfolio companies to accelerate their growth More than $187 million in CEFC wholesale finance to support some 6,700 smaller scale investments in clean energy projects, including in agribusiness, manufacturing, property and transport Continued strong financial performance despite the challenging economic environment, with almost $942 million in CEFC finance recycled through repayments, sales and redemptions over the year, to be available for further investment. Acknowledgement of Country The CEFC acknowledges the Traditional Owners of Country throughout Australia and recognises their continuing connection to land, waters and culture. We pay our respects to their Elders – past, present and emerging. Cover: Figure 1: Total value of CEFC investment commitments since inception 1 From our Leaders 04 In this report Performance 08 Governance 68 Financial Information 98 Appendices 172 Investing across Australia Long term benefits energy ble wa ne iciency Re eff rgy e Cities En ble ina re ta uctu us str S ra nf aste I d W an d y Fun g n r tio e a n v e o o i n B In 10 12 Market drivers Stronger, cleaner grid 18 25 Greener infrastructure Special investment programs 31 45 2 CEFC Annual Report 30 September 2020 30 September 2020 30 September 2020 Senator the Hon Mathias Cormann Senator the Hon Mathias Cormann SenatorMinister forthe Finance Hon Mathias Cormann Minister for Finance MinisterThe Hon. for A ngusFinance Taylor MP The Hon. Angus Taylor MP TheMinister Hon. for A ngusEnergy Taylor and MP Emissions Reduction Minister for Energy and Emissions Reduction MinisterParliament for EnergyHouse and Emissions Reduction Parliament House ParliamentCANBERRA HouseACT 2600 CANBERRA ACT 2600 CANBERRA ACT 2600 Dear Ministers, Dear Ministers, CleanDear Minister Energys, F inance Corporation Annual Report 2019-20 Clean Energy Finance Corporation Annual Report 2019-20 OnClean behalf Energy of the Finance Board C andorporation Management Annual Rofeport the CEFC, 2019- 20I am pleased to present the Clean EnergyOn Finance behalf Corporationof the Board Annual and Management Report 2019 -of20 .the CEFC, I am pleased to present the Clean On behalfEnergy of Financethe Board Corporation and Management Annual Report of the CEFC,2019-20 I am. pleased to present the Clean ThisEnergy Annual Finance Report Corporation has been Annualprepared Report for presentation 2019-20. to the Australian Parliament in accordanceThis Annual with Report section has 46 ofbeen the preparedPublic Governance, for presentation Performance to the Australian and Accountability Parliament Actin This Annual Report has been prepared for presentation to the Australian Parliament in 2013. Itaccordance meets the requirements with section 46of theof the following Public Governance,Acts and their Performanceaccompanying and subordinate Accountability Act accordance with section 46 of the Public Governance, Performance and Accountability Act legislation:2013. It meets the requirements of the following Acts and their accompanying subordinate 2013. Itlegislation: meets the requirements of the following Acts and their accompanying subordinate legislation:- Clean Energy Finance Corporation Act 2012 - Clean Energy Finance Corporation Act 2012 - PublicClean Governance,Energy Finance Performance Corporation and Act Accountability 2012 Act 2013. - Public Governance, Performance and Accountability Act 2013. This -reportPublic is comprised Governance, of: Performance and Accountability Act 2013. This report is comprised of: This -reportA Report is comprised of Operations, of: including the additional information required by section 74 of - the CleanA Report Energy of Operations,Finance Corporation including Actthe 2012additional information required by section 74 of - A Reportthe ofClean Operations, Energy Financeincluding Corporation the additional Act information 2012 required by section 74 of - Thethe Cleanaudited Energy Financial Finance Statements Corporation and Notes Act 2012 and the Auditor’s Report - The audited Financial Statements and Notes and the Auditor’s Report - MandatoryThe audited reports Financial under: Statements and Notes and the Auditor’s Report - Mandatory reports under: - Mandatory- Section reports 516A under: of the Environment Protection and Biodiversity Conservation Act - 1999 Section 516A of the Environment Protection and Biodiversity Conservation Act - Section1999 516A of the Environment Protection and Biodiversity Conservation Act - Schedule1999 2, Part 4, section 4 of the Work Health and Safety Act 2011 - Schedule 2, Part 4, section 4 of the Work Health and Safety Act 2011 - SectionSchedule 9 of2, Partthe Equal 4, section Employment 4 of the WorkOpportunity Health and(Commonwealth Safety Act 2011 Authorities) - Act 1997Section. 9 of the Equal Employment Opportunity (Commonwealth Authorities) - SectionAct 9 of1997 the. Equal Employment Opportunity (Commonwealth Authorities) This Annual ReportAct was1997 approved. by resolution at the 99th meeting of the Board of the CEFC, held inThis Sydney Annual and Report by teleconference was approved on by 30 resolution September at the 2020 99th. meeting of the Board of the CEFC, This Annualheld in Report Sydney was and approved by teleconference by resolution on at 30 the September 99th meeting 2020 .of the Board of the CEFC, Thereheld in were Sydney no exemptionsand by teleconference from reporting on requirements30 September sought 2020. or granted. There were no exemptions from reporting requirements sought or granted. YoursThere sincerely,were no exemptions from reporting requirements sought or granted. Yours sincerely, [signatureYours sincerely, scan] [signature scan] Steven[signature Skala scan] AO Steven Skala AO ChairSteven, CEFC Skala AO Chair, CEFC Chair, CEFC Clean Energy Finance Corporation 1300 002 332 Suite 1702, 1 Bligh Street cefc.com.au Clean Energy Finance Corporation [email protected] 002 332 SydneySuite NSW 1702,2000 1 Bligh Street ABN: 43 669cefc.com.au 904 352 Clean Energy Finance Corporation 1300 [email protected] 332 Suite 1702,Sydney 1 Bligh NSW Street 2000 cefc.com.auABN: 43 669 904 352 [email protected] Sydney NSW 2000 ABN: 43 669 904 352 All rights reserved. No part of this publication may be reproduced, copied, stored in a retrieval system or transmitted in any form or by any means, electronic, photocopying, recording or otherwise, without the prior written permission of the Clean Energy Finance Corporation. 3 4 CEFC Annual Report From Chair Steven Skala AO I am pleased to commend the extent to which the work of the CEFC is encouraging private sector investment, and a strong indicator of 2019–20 Annual Report of the the ongoing achievement of policy objectives. Total repayments to the CEFC from private sector sources Clean Energy Finance Corporation. since the CEFC began investing reached $1.66 billion to 30 June 2020. Since inception, sound financial management The CEFC continued to deliver strong financial results has been a hallmark of CEFC operations, driven in 2019–20 despite the headwinds that buffeted the by the acknowledgement that it invests on behalf Australian economy, particularly in the second half of of Australian taxpayers, with a responsibility to meet the year. The CEFC recorded $100.5 million of normalised agreed policy objectives and deliver a positive financial surplus from operations1 in 2019–20 compared with return. In 2019–20, challenging economic conditions $143.6 million in the prior year, while net cash from highlighted the importance of this commitment to operating activities was $170.4 million in 2019–20, prudent investment. up from $162.0 million in 2018–19. The CEFC was established to catalyse private In line with its role in leading the market, the CEFC is investment in Australia’s clean energy sector and its often creating the market for investment, pursuing financial performance this year signals that meeting opportunities that are economic but not yet easily this objective has gathered momentum. bankable. As such, it assumes risks that others may not yet In 2019–20 every CEFC dollar invested was matched by be familiar with, and in doing this has developed robust more than $3 in investment from private sector capital. systems for investing and carefully managing its portfolio. Since inception,
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