The Federal Government has announced the $10 billion Clean Energy Finance Corporation (CEFC) will be based in Sydney, with Prime Minister Julia Gillard saying the city’s clean energy sector was crucial in making the decision.

 

“Sydney has been selected because it has a strong clean energy sector and a network of financial, legal and professional services that will ensure the smooth set up and operation of the Corporation. Sydney is considered to be an optimal location from which to service a national client base,” Ms Gillard said in a statement.

 

“While Australia has many leading researchers in the clean energy field, in Sydney the Corporation will also be able to draw on higher education and research and development facilities across the state, including the CSIRO Energy Centre and the University of NSW School of Photovoltaic and Renewable Energy Engineering.”

 

The CEFC forms part of the Government’s Clean Energy Future package which is aimed at encouraging private investment in sustainable energy to expedite the commercialisation process.