Plenti selected to receive up to $60 million in finance from Clean Energy Finance Corporation
ASX-listed Plenti Group have been selected by the Clean Energy Finance Corporation (CEFC) as the inaugural financier for its first investment under its $1 billion Household Energy Upgrades Fund (HEUF), a landmark Federal Government program to help drive down the cost of clean energy technologies, improve household sustainability and cost of energy, and reduce emissions for eligible customers.
Plenti will receive up to $60 million in finance, which will help it to support consumers seeking to lower their power bills and reduce their household carbon footprint by offering lower cost finance.
The Federal Government announced the $1 billion HEUF, a landmark program to help consumers access cheaper home energy solutions and affordable finance, in the 2023-24 budget.
Following extensive industry consultation since the HEUF commenced in December 2023, the CEFC received proposals from a wide range of financiers including major banks, mutual banks, non-banks and fintech innovators during a three-month Request for Proposal process.
Australian consumers will be able to access, via Plenti’s extensive network of accredited partners and installer firms, benefits including:
– Up to 2.74% p.a. discount off Plenti’s standard green loan rate for the purchase of solar PV, home batteries and other energy efficiency upgrades
– A further 0.60% p.a. discount if the customer signs up to a Virtual Power Plant (VPP), via Plenti’s point-of-sale platform, GreenConnect
– Loan terms of up to 15 years, 5 years longer than is typically available, to better align the repayment period with the life of the equipment purchased and to make loan repayments more affordable
The HEUF finance will be invested through Plenti’s innovative wholesale investment platform and is expected to be made available to customers on 5 June 2024.
Daniel Foggo, CEO of Plenti, said, “Plenti is delighted to have been selected by the CEFC as the inaugural financier under the HEUF program. We have significant experience at running important government funding programs to help Australian households de-carbonise, and I am confident that we can play our part in ensuring this program successfully helps Australian households decarbonise.”
CEFC CEO Ian Learmonth added, “Our first investment from the $1 billion HEUF has the potential to have a significant impact on consumer behaviour, providing choice of technologies and discounted finance and encouraging homeowners to invest to improve their home energy performance.”
“Increasing the uptake of renewable energy, storage and related infrastructure is critical to Australia’s net zero ambitions and clean energy transition. The installation of more rooftop solar PV, home batteries and energy efficiency equipment will help unlock additional capacity, better manage energy demand and ultimately contribute to a stronger, more reliable grid.”
