The new Abbott government is looking to kill off the Clean Energy Finance Corporation (one of the best things the Greens and Independents managed to force the last Labor government to implement) as soon as possible - however it has managed to fund one last wind farm before the doors are barred and the building burned down - Green bank funds Portland wind farm in final fling.
The $10 billion green investment bank, set to be scrapped by the incoming Coalition government, has issued a loan to Pacific Hydro to build the final stage of its Portland wind farm in what is likely to be among the bank's final deals. The project will create hundreds of jobs, increase market competition and provide enough clean energy to power 31,000 homes, according to Pacific Hydro.
The Clean Energy Finance Corporation (CEFC), dubbed a “giant green hedge fund” by the Coalition’s climate spokesman Greg Hunt, will provide the $70 million loan to Pacific Hydro as part of a financial package involving commercial banks. The deal secures funding for the 47-megawatt fourth stage of Pacific Hydro’s Portland Wind Energy Project in south-western Victoria.