Labor pledges extended mandate for CEFC
A Labor government would provide the Clean Energy Finance Corp "with more certainty and more flexibility with less red tape and more technology options, [allowing it to] develop more technology options and new community power projects," opposition leader Bill Shorten said yesterday. Shorten and Labor Shadow Environment Minister Mark Butler released the party's policy on managing climate change. Labor would "restore flexibility to the CEFC by broadening the investment mandate to make it technology neutral and setting appropriate targets for investments. "We will also provide certainty in that mandate by locking it in for the full course of the next term of Parliament," they said.The CEFC, a specialist financier, last week turned up as an investor in a FlexiGroup securitisation of merchant receivables linked to solar PV and renewable energy assets.The financier had made A$1.4 billion of commitments at the date of its 2015 annual report.That report also highlighted the firm produced a "performance rate" of 4.66 per cent over the last quarter of its financial year, much less than a stiffened "portfolio benchmark rate" range of 7.11 per cent to 8.11 per cent imposed by an antagonistic federal government in early March.