CEFC defines Westpac energy subsidy
The Clean Energy Finance Corporation yesterday said it committed A$200 million to what it labelled the Westpac Energy Efficient Financing Program, which offers finance leases, commercial loans and commercial hire purchase finance.This subsidised financing will allow Westpac to provide select borrowers with a 0.7 percentage point interest rate discount on loans to fund investment in qualifying renewable energy and energy efficient technologies, as well as low emissions vehicles solar, energy efficient technologies and low emissions vehicles.Businesses opting to use the financing program will be guided on which technology to invest in by energy services company Verdia, which will also help businesses design effective projects and source quality equipment, and will assist with ongoing asset management, according to specialist reporting service Renew Economy.The energy consulting firm has at least one link to Westpac, in the shape of its chief financial officer, Frank Paduch, who is responsible for finance, strategy, acquisitions and all operations at Verdia. Paduch is a former group head of strategy for Westpac.