Senate Environment and Communications Legislation Committee, , 6:41:51 to 6:44:02
An examination of the Rewiring the Nation fund's contractual commitments, deployment rates, and current rate of return relative to its investment mandate.
Topics: Electricity grid, Renewable energy
Speakers: Speaker 27, Hon Sarah Henderson
more difficult for renewables and in an instance where you have um large industrial demands such as tomaga or it could be data centers providing the PPAs that's an opportunity I think to pull through those um renewables projects into the sector and have CFC bank them and bank them in a way that is secure so that we're not losing or risking finance on behalf of Australian taxpayers.
>> I'm just going to I've just got a range of other questions. I'm just going to move through before I >> um ask for Senator Smith to be given the call. Uh just wanting to understand with the rewiring the nation fund uh what's been expended to date and how much has been
>> Thank you, Senator. So I'll answer this quite carefully um if that's okay. So when we uh commit to projects, we have a contractual obligation to fund those to a particular amount. So our commitments to date under the rewiring the nation fund is $10.6 billion.
>> And what what is under negotiation? How much is under negotiation? Because the fund is worth somewhat 20 billion. Uh
our current fund is worth $ 19.65 billion.
>> Right. Pretty close to 20.
>> Pretty close to 20. Correct.
>> Right. Thank you.
>> Um so we we have a number of other projects currently under negoti negotiation which would take us close to that number 19.65. Um I think you asked another question before about uh total deployed in reworing the nation. So we've deployed a total out of the 10.6 six of a bit over $2 billion. At 30 June, we've had some repayments of those funds that were deployed. So, we're down to about 1.6 billion in deployed funds. And that reflects the nature of these very large projects. So, Marinus Link as an example, our commitment there is $3.8 billion, and that will probably start drawing in December of this year.