ANZ and Clean Energy Finance Corp. (CEFC) have announced plans to extend their ties under a clean energy asset purchasing program they initiated in 2017. With an additional AUD 100 million ($67.7 million) in financing, announced on Monday, ANZ’s total commitment will reach AUD 250 million, with a focus on helping businesses to purchase small-scale solutions to reduce their energy usage, carbon footprint and fuel consumption.
“Energy costs remain some of the highest outgoings for business owners, therefore this program presents a win-win; simultaneously saving our customers money while lowering their emissions,” said Isaac Rankin, ANZ’s managing director of commercial banking. “Our investment in this program directly relates to our commitment to fund and facilitate at least AUD 15 billion in low-carbon and sustainable solutions by 2020.”
Under its Energy Efficient Asset Finance program, ANZ is cutting its lending rate for businesses that purchase clean energy assets. It can offer a 0.7% annual discount to business customers on a standard asset finance rate for new assets up to AUD 5 million, provided they meet CEFC energy-efficiency requirements. Thus far, more than 500 ANZ business and commercial customers have tapped the program to invest in small-scale rooftop solar and battery storage systems, as well as improved insulation and low-emission cars and electric vehicles.
“We welcome the renewed commitment from ANZ as we continue to work together to break new ground by introducing clean energy technologies to new sectors, businesses and projects,” said Ian Learmonth, chief executive officer of CEFC. “Investments like these are helping us reduce Australia’s carbon emissions by supporting business borrowers looking to use energy efficiency and renewable energy to make real and positive changes to their operations.”
Last week, CEFC teamed up with Bank of Queensland Finance to provide AUD 100 million in financing for bank customers to implement clean energy upgrades on their facilities, equipment and fleets. As with ANZ, the BOQF Energy Efficient Finance program draws on CEFC funds to provide loans at a 0.7% discount to businesses looking to invest in upgrades and equipment that will reduce emissions and deliver savings on energy costs.