Federal authorities funding fund the Clear Power Finance Company (CEFC) has doubled down on its funding for Infradebt, tipping a further $100 million into the ACT-based renewables financing agency, taking its whole backing to $150 million.

Infradebt is a specialist infrastructure challenge finance fund supervisor/financier, offering capital for renewables and battery storage initiatives in addition to social infrastructure, stepping in the place conventional finance fashions don’t match. It has financed almost 30 initiatives up to now, from photo voltaic farms to hospitals, faculties and conference centres.

The CEFC co-invests alongside Infradebt managed funds in small-to-medium-sized renewable vitality initiatives, with its funding mandate now prolonged to incorporate bigger initiatives 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 personal 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 initiatives with a give attention to renewable vitality and social infrastructure, and a just lately launched a fund targeted solely on grid scale vitality storage – the Power Transition Fund (ETF).  The IEF has returned round 6% since inception. The ETF will present senior debt finance to 6-8 battery initiatives with a complete capability of 1.5-2GW over the following few years.

Infradebt CEO Alexander Austin mentioned 9 initiatives have been financed beneath 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 initiatives,” he mentioned.

CEFC chief funding officer, renewables and sustainable finance, Monique Miller, mentioned Australia has very formidable renewable vitality objectives as a part of its nationwide dedication to succeed in web zero emissions by 2050.

“This requires a considerable and sustained improve in funding in further renewable vitality era, presenting thrilling alternatives for personal buyers equivalent to Infradebt’s managed funds and purchasers,” she mentioned.

“This CEFC funding, with its give attention to smaller scale mills, enhances our give attention to large-scale photo voltaic and wind era, important vitality storage and grid transmission, all of which can play a important function in powering our web zero future.”

NOW READ: Mike Cannon-Brookes suggestions $200 million into renewables finance firm Infradebt