The Clean Energy Finance Corporation, responsible for investing in clean energy projects on behalf of the Australian Government, has announced that it has received notice of a new Investment Mandate from the government.
According to a statement, the CEFC has received notice of a new Investment Mandate on December 14, 2018. The CEFC was consulted and was constructively engaged in the development of the Investment Mandate.
The approach adopted in the Investment Mandate is an updated framework for the CEFC to support Australian Government priorities and has been accepted by the CEFC Board.
The new direction set out in the Investment Mandate asks that the CEFC considers the potential effects on reliability and security of supply when evaluating potential renewable generation investments. It also encourages us to prioritise investments that will support reliability and security of electricity supply, said Ian Learmonth, CEO, CEFC.
Learmonth highlighted that the CEFC has already invested in projects that incorporate smart controls, batteries, weather predicting technology and Frequency Control and Ancillary Services (FCAS) which support reliability or security of electricity supply.
While the market is still emerging for many of these technologies, our investment pipeline includes technologies such as large-scale pumped hydro, household and grid-scale batteries, synchronous condensers and other technologies which can support reliability or security of electricity supply. Importantly the new Mandate does not prevent the CEFC from continuing to invest in intermittent renewable energy such as wind and solar after the CEFC has considered effects on the reliability and security of the grid. We are looking forward to continuing to invest heavily in solar, wind, hydro, bioenergy and other technologies in the renewable energy sector, Learmonth said.