May 19, 2020

CEFC invests $207mn in two solar projects, passes 1GW investment milestone

Clean Energy Finance Corporation
Australian energy industry
Australian solar industry
Addie Thomes
2 min
CEFC invests $207mn in two solar projects, passes 1GW investment milestone

The Clean Energy Finance Corporation (CEFC) is investing $207mn into expanding capacity at solar farms in Queensland and Victoria, helping it to pass 1GW of projects it has supported.

With these latest commitments at the Wemen Solar Farm in Victoria and the Clermont Solar Farm in Queensland, the CEFC has invested in 20 large-scale solar projects since 2013, becoming Australia's largest solar investor.

CEFC Large-Scale Solar Lead Monique Miller said: "Increasing the amount of renewable energy generation in our electricity mix is essential for the Australian economy to achieve net zero emissions in the second half of the century.

“Our investment in large-scale solar continues to play a major role in accelerating Australia's clean energy transition, with CEFC finance helping to demonstrate the commercial potential of these investments in the ongoing development of Australia's critical energy infrastructure."

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This latest investment of $207mn includes $110mn in senior secured debt towards the 110MW Wemen Solar Farm and up to $97mn in senior secured debt towards the 90MW Clermont Solar Farm.

The Wemen Solar Farm is expected to produce enough power to supply nearly 34,000 homes, while the Clermont development is expected to produce enough energy to supply nearly 31,000 homes

CEFC has also announced a partnership with ANZ to establish a $150mn programme to help Australian businesses invest in clean energy and sustainable initiatives.

CEO Ian Learmonth said: “Energy use contributes about 78% of Australia's greenhouse gas emissions so it is an area where action is vital. The good news is that businesses can see an immediate reduction in their emissions - as well as their energy costs - by investing in energy efficiency, which is one of the most direct and cost-effective ways for businesses to improve their energy profile."

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Jun 8, 2021

Timeline: India takes unicorn leap with six in five days

India
Unicorns
Startups
tech
Kate Birch
2 min
We chart an historic week in India’s startup tech industry, where from April 5-9 the country achieved six unicorns

We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.

April 5: Meesho

India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.

April 6: CRED

Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.

April 7: API Holdings / Groww

The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.

April 8: ShareChat

New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.

April 9: Gupshup

AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels. 

 

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