ANZ, CEFC extend collaboration to help businesses invest in solar, storage, EVs

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ANZ and the Clean Energy Finance Corporation (CEFC) are extending their collaboration under a clean energy asset purchasing program initiated in 2017. The additional $100 million in finance announced on Monday will take ANZ’s total commitment to $250 million, with a focus on enabling businesses to purchase small-scale solutions to reduce their energy use, 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 ANZ Managing Director Commercial Banking Isaac Rankin. “Our investment in this program directly relates to our commitment to fund and facilitate at least $15 billion in low-carbon and sustainable solutions by 2020.”

Under its Energy Efficient Asset Finance program, ANZ is cutting its lending rate for business which purchase clean energy assets. It can offer a 0.7% p.a. discount to business customers on a standard asset finance rate for new assets up to $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, improved insulation and low-emission or 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,” CEFC CEO, Ian Learmonth, said. “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, the CEFC teamed up with the Bank of Queensland Finance division to provide $100 million in financing for bank customers to deliver clean energy upgrades to their facilities, equipment and fleets. Like in the case of ANZ, the BOQF Energy Efficient Finance program provides loans at a 0.7% discount, drawing on the CEFC funds, to businesses looking to invest in upgrades and equipment that will reduce emissions and deliver savings on energy costs.