Australia's CEFC will fund electrification at seven South Australian ports

The Australian Government-owned green investment bank, Clean Energy Finance Corp (CEFC), will invest AUD 70 million ($47.83 million) to help decarbonise seven Australian ports operated by Flinders Port Holding.

PHOTO: Flinders Adelaide Container Terminal at Port Adelaide. Flinders Port Holdings

Flinders Port Holdings (FPH) operates the Flinders Adelaide Container Terminal at Port Adelaide. It also operates the regional ports of Port Giles, Port Lincoln, Wallaroo, Port Pirie, Klein Point and Thevenard in South Australia.

FPH will use part of the investment to study the feasibility of establishing onshore power connections at the seven ports.

It will also allocate funds to retrofit vessels with internal combustion engines for electric and hybrid propulsion. Funds will also be allocated towards the electrification of light vehicles and the installation of solar power at the ports.

This is CEFC’s first “direct finance” in the maritime sector, the investment bank said.

Transitioning to “cleaner port operations and vessel technologies” demands significant investment and disrupts current practices. This investment will open a “credible pathway” for ports to cut emissions, stay competitive and protect the sector, Julia Hinwood, head of infrastructure at CEFC added.

By Konica Bhatt

Please get in touch with comments or additional info to news@engine.online