Australia's Clean Energy Finance Corporation (CEFC) and Westpac have partnered for a A$200m ($146m) financing programme to help businesses invest in clean energy projects like solar and energy storage.
Westpac will use the A$200m commitment from CEFC to offer its customers with a 0.7% discount on finance for qualifying projects, which include rooftop and off-grid solar photovoltaic, energy efficiency, low emissions vehicles and energy-from-waste projects and others.
Finance will be provided for up to 100% of the project cost, for terms of about 10 years. Projects should be worth at least A$15,000.
State and local governments, agribusiness, and others can also benefit from the programme.
CEFC CEO Oliver Yates said: "There are enormous opportunities for businesses to lower their energy costs and improve their competitiveness using clean energy. Using solar and the right energy efficient equipment can have a substantial benefit on business costs, in addition to the obvious environmental gains.
"We are also encouraging businesses to look carefully at their vehicles and to switch to lower emissions options for their fleets in particular. Access to the discounted CEFC finance being offered through Westpac is a compelling reason to act now to lock in business and environmental benefits."
The CEFC invests commercially to increase the flow of funds into renewable energy, energy efficiency and low emissions technologies.
Westpac commercial general manager Alastair Welsh said: "Westpac is committed to helping make Australian businesses stronger and we recognise the opportunities that come with investment in energy efficiency, both in terms of lower costs for business and better environmental outcomes.
"This is an opportunity for our customers to improve their use of energy and also help lower energy costs, as well as access discounted lending rates supported by the CEFC’s financing commitment."
The Australian Government operates the CEFC, which operates under the Clean Energy Finance Corporation Act 2012.