04Appendices, Glossary and Abbreviations

Appendix F: Realised Investments

The CEFC reports on its investment commitments each quarter and actively manages its investment portfolio. Changes in circumstances can often affect the final investment outcome. For example:

Most investments are repaid or realised in the ordinary course of events, but some of these are repaid or sold earlier than
Some investment commitments are never drawn, for example because the borrower fails to meet conditions precedent. They are reported here for the sake of completeness.
Some loans can also end in default with a loss being realised. While the CEFC has not to date had a loan terminate in default, it is likely that at some stage this will occur, as for any

Figure 47 shows all CEFC investments that, for various reasons, were concluded during the year, including “realised” investments. Investments which are only partially repaid or partially disposed of are not reported here as “realised” investments.

Figure 47: Realised investments 2015-16

Borrower	Investment description	Year of initial investment commitment	Initial CEFC commitment amount	Investment outcome
CFS Australian Clean Energy Infrastructure Fund	Equity in fund targeting commercial building sector for energy efficiency	2013-14	$80m	Fund did not raise sufficient private sector capital to close.
Carnegie Wave Energy Limited	Corporate loan for ocean/wave generation technology	2013-14	$20m	Project proceeded with a private sector lender replacing the CEFC facility.
Energy Developments Limited	Corporate loan for low emissions projects	2013-14	$75m	Borrower was sold and the CEFC’s partially drawn loan was refinanced by the private sector. The underlying projects were fully implemented.
Golden North Ice Cream	Energy efficiency loan for ice cream manufacturer	2012-13	$0.4m	Loan was repaid in the ordinary course of business. The underlying projects were fully implemented.
JBS Ltd	Loan for biogas cogeneration at abattoir	2012-13	$4.4m	Loan was repaid in ordinary course of business. The underlying projects were fully implemented.
New Energy Corporation	Project finance for waste-to-energy facility	2013-14	$49.2m	Facility is still on foot however, the CEFC commitment has been reduced to $0 due to delays in the project reaching financial close.
Pacific Hydro Portland Wind Farm	Project finance for Stages 2-4 of Portland Wind Farm	2013-14	$70m	CEFC loan was refinanced by the private sector when the borrower was sold. The underlying project was fully implemented.
Richgro Garden Products	Biogeneration facility	2012-13	$2.2m	Loan was repaid in the ordinary course of business. The underlying projects were fully implemented.
Rivalea Australia Pty Ltd	Corporate loan for energy efficiency in integrated pork producer	2012-13	$0.6m	Loan was repaid in ordinary course of business. The underlying projects were fully implemented.

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