Senate Foreign Affairs, Defence and Trade Legislation Committee [Part 2], , 3:06:42 to 3:11:25
Review of commercial account financing for renewable energy projects in India and Southeast Asia and the resulting Australian benefit.
Topics: Renewable energy, Government spending
Speakers: Speaker 13, John Hopkins, Senator Raff Ciccone, Unknown Speaker, Dr Paul Grimes
time if you could be quick that would be
great as quick as
>> I know you will sorry
>> um could you please confirm the reported transaction amounts for um from your transaction register for financing renewable energy projects from your commercial account um 258.62 million for power finance corporation limited in India which is Indian government owned 104.04 04 million for GIP assets proprietary limited in India, Indonesia, Malaysia, Philippines, Thailand and Vietnam. Singapore Incorporated registered on 21st of March 2025. Global Infrastructure Partners became a wholly am subsidiary of BlackRock. Um 75.41 million for G renewable energy company. Um got a supply agreement with Goldwin in Thailand. And from the national interest account, 77.07 07 million in equity transaction involving Pentagine PGC green investments Indonesia, Malaysia, Philippines, Thailand, Vietnam um and 175 million of to IMF investors as part of the Southeast Asia investment financing facility to finance the renewable energy transition in Southeast Asia giving a total of $690 million. Is everyone okay spending 690 million in renewables projects in foreign
Senator, one of our mandates is to support Southeast Asia and infrastructure in Southeast Asia that has an Australian benefit. Some of the transactions that you're referring to um are part of that broader mandate and again those are I mean some of you said what some of those transactions as you mentioned are commercial account transactions. They're done on a commercial basis. So we actually derive revenue from those transactions which is again pumped back into our business to help support more Australian exporters. So there are opportunities in Southeast Asia that as my colleague said provide a pathway or commercial opportunity pathway for certain companies but also deliver a commercial return to the organization which we then realize as profit and can then pump back into the business or deliver as a dividend back
>> Yeah, I'm I'm all for Australia making money, but is there any Australian companies involved in any of these?
There are some of the some of the investments that we made are invest are Australian investment funds and or are owned by Australian entities like
What proportion of the finance in these transactions directly supports Australians?
Senator, we we have some we have some detail. I think we did some analysis following the last Senate estimates uh session that we had um where approximately in terms of value 84% of the value of transactions that we engage in have direct Australian support.
>> Are you a secured creditor in any of these transactions?
>> Most of our most of our uh financing involves some form of security. Yes, Senator.
Um that's all. Thank you, Chair. That
was quick. I'm glad you read my brief and memo. Good on you. You get you get a gold star. You get a gold star. All right. I appreciate that, Senator. Um, look, on that note, I'm going to say thank you very much to you and your agency. John, uh, I'm now going to welcome Dr. Paul Grimes, PSM, chief executive officer of Osrade or officially the Australian Trade and Investment Commission. If you make your way to the table, that would be great. Um, you got questions? >> Sure do. >> Yeah. How long have you got five or 10? >> I'll come to you first. >> No, no, you go five. No, you go. I think you got five and then >> Do you guys have questions for the last agency, too? >> All right. Hello, Paul. >> Paul. Paul, where's Dr. Paul Grimes? >> Might need to hurry up. The clock is ticking. Paul, >> there we go. All right. Now, um, good evening, doctor. Did you have an opening statement?
>> Uh, no opening statement from uh from me, Senator.
>> Music to my ears. All right. Um, yeah. Senator Blair, is that right? Bler. I I knew it was blind, but I said I said it wrong. Yes, Blair. Off you go.