1 April 2014 — The Clean Energy Finance Corporation has announced $100 million of debt finance for extensive commercial property retrofits, some good news after last week’s slap in the face to the industry from the Victorian Government.
The CEFC has struck and agreement with non-bank commercial loan manager Balmain Corporation to provide funding for major property upgrades that lift a property’s NABERS rating by at least two stars, up to at least four stars.
“This agreement will provide an incentive for major property upgrades that reduce building energy costs and increase average annualised returns – a good news story for all interested in sustainability in the property sector,” said CEFC chief executive Oliver Yates.
Chief executive of Balmain Andrew Griffin said his company’s property clients had shown strong interest in upgrading their commercial holdings.
“This finance from the CEFC will help provide an incentive to invest in energy efficiency and improve sustainability, while cutting building operating and maintenance costs,” Mr Griffin said.
“While there can be a positive business case for significantly improving energy efficiency as part of a major retrofit, often building owners have other priorities for their available capital so this targeted financing will make a difference.”
This new line of funding joins the $80 million made jointly with National Australia Bank for Environmental Upgrade Agreements and $200 million made jointly with Commonwealth Bank for energy efficiency loans.
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