The $10 billion Clean Energy Finance Corporation has been passed by the Australian Senate, marking its clearance through both houses of Parliament and enabling the Corporation to prepare for the commencement of its investment operations on 1 July 2013.
The Senate approved the Clean Energy Finance Corporation (CEFC) bill by 33 votes to 28 votes.
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The CEFC, part of the Federal Government’s Clean Energy Future legislation package, will be established to invest in businesses seeking funds to commercialise clean energy proposals and technologies. It will also invest in the transformation of existing manufacturing businesses to re-focus on inputs for the clean energy industry, upon the commencement of its operations – which is expected to occur in 2013-14.