The Clean Energy Finance Corporation yesterday confirmed it received a directive to narrow its investment mandate. Fairfax Media reported on the development on Sunday, taking the angle that the impact was to end any new investments in wind power projects.
Treasurer Joe Hockey and finance minister Mathias Cormann issued a directive to change its investment mandate, as they may under the act governing the CEFC relating to risk and return.
The CEFC clarified that the effect of the directive was to focus on emerging and innovative renewable technology and energy efficiency.
Wind farms, as a mature technology, are thus no longer eligible for funding.
CEFC invested in only two wind projects in the 2013/14 year, its last annual report shows. It is also more than a year since a wind project received funding.
The viability of wind farm projects in the pipeline has been tenuous over the period the extension of the renewable energy target was up in the air, with construction halted on eleven projects.
Fairfax Media reported that the Government's instructions to the CEFC also include a direction to stop investing in small-scale and domestic solar projects. The corporation will be limited to investment in large-scale solar.