Federal authorities funding fund the Clear Vitality Finance Company (CEFC) has doubled down on its funding for Infradebt, tipping an extra $100 million into the ACT-based renewables financing agency, taking its complete backing to $150 million.
Infradebt is a specialist infrastructure mission finance fund supervisor/financier, offering capital for renewables and battery storage tasks in addition to social infrastructure, stepping in the place conventional finance fashions don’t match. It has financed almost 30 tasks thus far, from photo voltaic farms to hospitals, colleges and conference centres.
The CEFC co-invests alongside Infradebt managed funds in small-to-medium-sized renewable power tasks, with its funding mandate now prolonged to incorporate bigger tasks as much as 50 MW.
The most recent funding comes 15 months after Atlassian cofounder Mike Cannon-Brookes backed Infradebt with $200 million from his non-public household VC agency Grok Ventures. That funding was complemented by an undisclosed “significant funding” by Cannon-Brookes for a minority stake in Infradebt.
The fintech has two funds – the Infradebt Moral Fund (IEF), which funds Australian infrastructure tasks with a concentrate on renewable power and social infrastructure, and a not too long ago launched a fund centered solely on grid scale power storage – the Vitality Transition Fund (ETF). The IEF has returned round 6% since inception. The ETF will present senior debt finance to 6-8 battery tasks with a complete capability of 1.5-2GW over the subsequent few years.
Infradebt CEO Alexander Austin mentioned 9 tasks have been financed underneath the prevailing CEFC mandate.
“Infradebt welcomes the elevated mandate dedication from the CEFC. This capital will enhance Infradebt’s capability to proceed to supply debt finance to Australian renewable tasks,” he mentioned.
CEFC chief funding officer, renewables and sustainable finance, Monique Miller, mentioned Australia has very formidable renewable power targets as a part of its nationwide dedication to succeed in internet zero emissions by 2050.
“This requires a considerable and sustained enhance in funding in further renewable power technology, presenting thrilling alternatives for personal buyers corresponding to Infradebt’s managed funds and purchasers,” she mentioned.
“This CEFC funding, with its concentrate on smaller scale mills, enhances our concentrate on large-scale photo voltaic and wind technology, important power storage and grid transmission, all of which can play a crucial position in powering our internet zero future.”
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