Media releases
Westpac supports businesses, CleanTech with energy efficiency financing
Westpac will help Australian businesses reduce their energy costs and improve their environmental footprint by offering assistance to design, procure and finance CleanTech solutions such as solar and energy efficient equipment, supported by an up to $200 million financing arrangement entered into with the Clean Energy Finance Corporation (CEFC).
Through Westpac's Energy Efficient Financing program, customers will benefit from a 0.70% p.a. discount on the interest rate to finance certain energy efficient equipment. Customers will also have access to specialist expertise to help them create and deliver energy efficient projects for their business, through solar and energy efficiency expert Verdia.
Westpac General Manager, Commercial, Alastair Welsh said the program is part of Westpac's commitment to supporting the transition to a low carbon economy by helping customers with practical solutions that create economic and environmental benefits.
"Westpac is committed to helping make Australian businesses stronger and we recognise the opportunities that come with investment in energy efficiency, both in terms of lower costs for business and better environmental outcomes.
"This is an opportunity for our customers to improve their use of energy and also help lower energy costs, as well as access discounted lending rates supported by the CEFC's financing commitment."
Mr Welsh said the program is unique in that Westpac is working with Verdia to help make it easier for customers to identify the right solutions for their business, such as solar and energy efficient technology.
"This is an end-to-end solution that includes Verdia helping businesses with designing an effective project, procuring high quality equipment and assisting with ongoing asset management. This is supported by access to tailored discounted finance from Westpac," Mr Welsh said.
"Westpac and Verdia will work with customers to design, deliver and finance everything from single-site to large, multi-site energy efficiency and distributed energy programs."
"As a globally recognised sustainable company, Westpac recognises that we can help deliver practical solutions for customers that also support Australia's shift to a more sustainable economic model."
Since 2011, Westpac Group has increased the proportion of renewable energy financing from 45% to 61% of its total electricity generation portfolio. This includes an increase of more than 12 percentage points in funding provided to new clean energy technologies such as wind and solar, with the remainder lent to the hydro sector. Westpac's lending to the CleanTech sector totalled $6.1 billion in 2015.
Westpac has been independently ranked as one of the world's most sustainable companies, with the 2015 Dow Jones Sustainability Index naming Westpac the world's most sustainable bank, for the second year in a row.
For further information customers should speak to their relationship manager or visit www.westpac.com.au/energy