Report clears inexperienced financier Plenti and Clean Energy Finance Corporation of wrongdoing over $107m of presidency contracts

Report clears green financier Plenti and Clean Energy Finance Corporation of wrongdoing over $107m of government contracts

For this purpose, the CEFC put ahead Plenti as their most popular associate for the South Australian authorities’s program to put in photo voltaic panels.

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“There is evidence that CEFC at the time indicated that it was willing to work with alternative providers, however, they would need to satisfy relevant due diligence requirements, introducing potential delays/risks to the program,” Mr Grieves discovered.

Around 18 months later, the NSW authorities needed to roll out the same venture and requested Plenti and the CEFC to make a presentation on their method to this system supply.

Plenti chief government Daniel Foggo stated his firm, which just lately listed on the ASX, was most popular as a result of it posed much less of a reputational threat to authorities our bodies because it had pushed for larger regulation of the purchase now, pay later area for renewable power initiatives.

“We’d only ever provided regulated finance,” he stated. “So, there was a real reputational and regulatory risk to some other funders.”

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Mr Grieves discovered there have been important time pressures imposed by the state governments in each circumstances. Plenti was was in a position to have each initiatives up and working inside eight weeks. “It was exceptionally fast,” Mr Foggo stated, as he welcomed the report’s conclusions.

“We’re very pleased with the report findings. Our competitors thought we received preferential treatment and they pushed that pretty hard politically and in the media,” he stated.

Renewable power finance lender Brighte wrote to Mr Taylor in March to stipulate issues the CEFC was making choices that resulted in “anti-competitive effects and working to the detriment of Australian consumers and taxpayers”.

Mr Foggo stated this was unfaithful. “Our funding cost is higher, we are the smallest player of the three. All we’ve done is insert more competition in the industry.”

Brighte and Flexigroup have been contacted for remark.

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