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Download Report CEFC Annual Report 2017–18 CEFC Investing for Impact and Innovation. ANNUAL REPORT 2017–18 REPORT ANNUAL CEFC ANNUAL REPORT 2018 [ G ] CEFC CEFC ANNUAL ANNUAL REPORT REPORT 2018 2018 FINANCIALCONTENTS [ 1 ] STATEMENTS [ 1 ] XX XX InIn thisthis reportreport Our capital works across the economy, in a diverse range More than 5,500 projects of projects. for farmers, businesses and manufacturers. Our missionmission 33 Economy Letter ofof transmittaltransmittal 66 Business From ourour ChairChair 88 From ourour CEOCEO 1010 SECTION 11 1414 PERFORMANCE SECTION 22 6060 GOVERNANCE SECTION 3 82 FINANCIALSECTION 3 82 STATEMENTSFINANCIAL STATEMENTS SECTION 4 142 APPENDICESSECTION 4 142 APPENDICES Environment Tackling some of Australia’s toughest emissions challenges. Future Backing innovation and new technologies. Follow us @CEFCAus Follow us @CEFCAus cefc.com.au cefc.com.au 18121_CEFC_AR_eds_Sec1_PPV1.indd 7-1 15/10/2018 5:14 PM FINANCIALCONTENTS [ 1 ] STATEMENTS [ 1 ] [ G ] CEFC CEFC[ G ] CEFC ANNUAL ANNUAL CEFC REPORT REPORTANNUAL ANNUAL 2018 2018 REPORT REPORT 2018 2018 FINANCIALCONTENTS [ 1 ]FINANCIAL STATEMENTSCONTENTS [ 1 ] STATEMENTS [ 1 ] [ 1 ] XXXX XXXXXX In thisIn this reportreport Our capitalOur works capital across works the across the economy, economy,in a diverse in rangea diverse range More than More5,500 than projects 5,500 projects of projects.of projects. for farmers,for businesses farmers, businesses and manufacturers.and manufacturers. Our missionOur mission 3 3 EconomyEconomy Letter ofLetter transmittal of transmittal 6 6 BusinessBusiness From ourFrom Chair our Chair 8 8 From ourFrom CEO our CEO 10 10 SECTIONSECTION 1 1 14 14 PERFORMANCEPERFORMANCE SECTIONSECTION 2 2 60 60 GOVERNANCEGOVERNANCE SECTIONSECTION 3 3 82 82 FINANCIALFINANCIAL STATEMENTSSTATEMENTS SECTIONSECTION 4 4 142 142 APPENDICESAPPENDICES EnvironmentEnvironment Tackling someTackling of Australia’s some of Australia’s toughest emissionstoughest emissionschallenges. challenges. FutureFuture Backing innovationBacking innovation and and new technologies.new technologies. Follow us @CEFCAusFollow us @CEFCAus cefc.com.aucefc.com.au 18121_CEFC_AR_eds_Sec1_PPV1.indd18121_CEFC_AR_eds_Sec1_PPV1.indd 7-1 7-1 15/10/2018 15/10/20185:14 PM 5:14 PM [ 2 ] CEFC[ 2 ] CEFC ANNUAL ANNUAL REPORT REPORT 2018 2018 XX Clean Energy Finance Corporation ABN: 43 669 904 352 For further information please visit cefc.com.au Suite 1702, 1 Bligh Street, Sydney NSW 2000 Level 25, Riparian Plaza, 71 Eagle Street, Brisbane QLD 4000 Level 13, 222 Exhibition Street, Melbourne VIC 3000 PHONE 1300 00 2332 Follow us on Twitter @CEFCAus Contact officer: Mr S G Every Head of Corporate & Government Affairs Clean Energy Finance Corporation [email protected] The Clean Energy Finance Corporation’s Annual and EEO reports are available on our website. © Copyright Clean Energy Finance Corporation 2018 FINANCIALOUR MISSION [ 3 ] STATEMENTS [ 3 ] XX To accelerate Australia’s transformation towards a more competitive economy in a carbon constrained world, by acting as a catalyst to increase investment in emissions reduction. Our mission [ 4 ] CEFC ANNUAL REPORT 2018 CEFC is tackling some of Australia’s toughest emissions challenges by supporting innovative projects, technologies and investment partnerships. 2017-18 year in Our review commitments *since inception TOTAL CEFC PROJECT 39 $6.6B VALUE TRANSACTIONS OTHER $ FINANCE 19B $2.3B $12.3B NEW COMMITMENTS Transforming clean energy $6.7B investment TOTAL PROJECT VALUE 2017-18 $2.3B 2016-17 Every $1 of CEFC finance $2.1B matched by an additional 2015-16 $1.80 from the $837M private sector. A YEAR IN REVIEW [ 5 ] Special investment Clean energy programs technologies: 2017-18 *since inception Renewables SUSTAINABLE CEFC FINANCE CITIES $1.1B $ TOTAL PROJECT VALUE 1.8B $3.1B REEF FUNDING PROGRAM Energy efficiency CEFC FINANCE $ $944M 326M TOTAL PROJECT VALUE CLEAN ENERGY $3.3B INNOVATION FUND $ Transport CEFC FINANCE 56.2M $100M TOTAL PROJECT VALUE $100M PORTFOLIO LIFETIME ABATEMENT* Waste-related ~ CEFC FINANCE 190M tCO2-e $127M TOTAL PROJECT VALUE * Once funds are deployed and projects are fully operational $148M [ 6 ] CEFC ANNUAL REPORT 2018 26 September 2018 The Hon Angus Taylor MP Minister for Energy Senator the Hon Mathias Cormann Minister for Finance and the Public Service Parliament House Canberra ACT 2600 Dear Ministers CLEAN ENERGY FINANCE CORPORATION (CEFC) ANNUAL REPORT 2017-18 On behalf of the Board and Management of the CEFC, I am pleased to present the Clean Energy Finance Corporation Annual Report 2017-18. This Annual Report has been prepared for presentation to the Australian Parliament in accordance with the requirements of the following Acts and their accompanying subordinate legislation: • Clean Energy Finance Corporation Act 2012 • Public Governance, Performance and Accountability Act 2013. This Report is comprised of: • a Report of Operations, including the additional information required by section 74 of the Clean Energy Finance Corporation Act 2012 • the audited Financial Statements and Notes and the Auditor’s Report • mandatory reports under: o section 516A of the Environment Protection and Biodiversity Conservation Act 1999 o Schedule 2, Part 4, section 4 of the Work Health and Safety Act 2011 o section 9 of the Equal Employment Opportunity (Commonwealth Authorities) Act 1987. This Report was approved by resolution at the 81st meeting of the Board of the CEFC held at the Adelaide Oval, War Memorial Drive, North Adelaide, via delegation of authority to the Chair. There were no exemptions from reporting requirements sought or granted. Yours sincerely Steven Skala AO Chair cc: The Hon Melissa Price MP Minister for the Environment Clean Energy Finance Corporation Suite 1702, 1 Bligh Street e [email protected] Sydney NSW 2000 t 1300 002 332 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. ABOUT US [ 7 ] The CEFC is responsible for investing About us $10 billion in clean energy projects on behalf of the Australian Government. Our goal is to help lower Australia’s carbon emissions by investing in renewable energy, energy efficiency and low emissions technologies. We also support innovative start-up companies through the Clean Energy Innovation Fund. Across our portfolio, we invest to deliver a positive return for taxpayers. Our purpose 1 4 REDUCING SUPPORTING EMISSIONS PRODUCTIVITY GAINS THROUGH ENERGY EFFICIENCY 2 5 REDUCING ENCOURAGING THE COST OF INNOVATION CLEAN ENERGY AND BUILDING TECHNOLOGIES INDUSTRY CAPABILITY CEFC investment decisions are 3 6 influenced by the public policy BRINGING ENCOURAGING TECHNOLOGICAL PRIVATE SECTOR benefits they bring DIVERSITY INTO FINANCE INTO to the Australian THE ENERGY MIX THE CLEAN economy: ENERGY SECTOR [ 8 ] CEFC ANNUAL REPORT 2018 The year has seen industry seize the challenges and opportunities offered by decarbonisation. From our Chair I am pleased to commend This means the CEFC will continue the 2017-18 Annual Report to have a significant number of the Clean Energy Finance of opportunities available in its Corporation. investment pipeline. This, our fifth full year of The CEFC will also continue to investing, has been amongst examine market gaps in clean our most successful to date. energy investment. In all cases this will be done prudently, seeking to The CEFC has a clear charter to meet the challenging objectives be a catalyst for investment in of increasing the flow of finance and financing of clean energy into the clean energy sector, while to achieve the long-term goal achieving a reasonable rate of of decarbonising the Australian return on the CEFC’s capital. economy. We are a global leader amongst institutions of our type. AN ENGAGED BOARD Our methodology is to seek to During the reporting period, crowd in private sector investment the then Responsible Ministers and engage capital markets to the Hon Josh Frydenberg MP, operate effectively in the private and Senator the Hon Mathias energy sector. Cormann substantively refreshed the Board. Leeanne Bond, A record $2.3 billion in new Philip Coffey, Laura Reed, Andrea investment commitments were Slattery, Samantha Tough and made during the year. These Nicola Wakefield Evans all joined investments include marquee the Board and I was appointed projects and highlight that Chair. These Board changes decarbonisation can be achieved were phased in over a period of profitably and effectively six months between August 2017 right across the clean energy and February 2018. Steven Skala AO sector – in renewable energy, Chair energy efficiency, transport and I thank and again acknowledge waste-related projects. The types the service of both the current of underlying assets that attract Board and former Board members CEFC investment commitments Jillian Broadbent AO, Ian Moore, are broad and touch all aspects Anna Skarbek, Andrew Stock of our national economy. and Martijn Wilder AM. I note in particular Paul Binsted, who This year has seen industry seizing continued to serve after the expiry the challenges and opportunities of his term as an adviser to the offered by decarbonisation, and Board’s Audit and Risk Committee accelerating its consideration of and to the Australian Government emerging duties associated with in relation to the Statutory Review. carbon disclosure. The financial markets have also moved
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