CEFC survives for now
The Clean Energy Finance Corporation will remain in business for a little longer, after the Senate voted down a bill to abolish the financier yesterday.Australia's new Coalition government told Parliament the CEFC was an entity that "invests in high-risk ventures".The CEFC had invested A$536 million across 11 investments as of early this month, which its chair, Gillian Broadbent, told a Senate hearing "resulted in $2 billion of capital investment in the sector [often from major banks]."The CEO, Oliver Yates, told the same hearing that the CEFC was earning an average gross yield of 7.3 per cent on its portfolio.Broadbent told the Senate that even though the Government was not supportive "we are going to continue investing the way we have. But, with the message that the market is getting about the [reduced] interest in this sector, the market is not as receptive as it was before.""I suppose that is both the co-financiers and the industry. We are certainly consistent in everything we are doing, but the market itself is stepping back a little bit and reassessing, I suppose."