NAB is offering a 0.70 per cent cut on financing for farmers and related agri businesses looking to improve energy efficiency.
NAB has advised Adams Accounting that as well as irrigation systems, the bonus also applies to qualifying equipment such as some light vehicles, variable speed drives, industrial/commercial refrigeration, heating ventilation and air-conditioning, solar & solar thermal, biogas, waste diversion, process equipment upgrades, building monitoring systems, voltage optimisation assets, lighting, bundled technologies etc.
The following article is from The Land news
Written by ANDREW MARSHALL on 11 June, 2015
“DISCOUNT borrowing costs are being promoted by National Australia Bank (NAB) for farmers and related agribusinesses looking to improve energy efficiency or invest in renewable options such as solar, biogas or wind power.
NAB has teamed up with the government-backed Clean Energy Finance Corporation (CEFC) in a $120 million funding program which allows businesses access to cheaper equipment finance when buying assets which cut energy use or generate renewable energy.
The agreement allows NAB to offer a 0.70 per cent cut on its standard equipment finance rate for loans of up to $5m.
The bank's energy efficiency finance offer covers spending on pre-approved assets including solar panels, hybrid vehicles, variable speed pumps, and upgrades to building, lighting, irrigation systems, refrigeration and processing chains.
NAB claims it is already Australia's largest debt financier of renewable energy projects, funding more than $1.8 billion towards wind farm transactions in eight years.
NAB Agribusiness general manager Khan Horne said many farm sector businesses were transitioning to more sustainable business models and, particularly for intensive agriculture, a big part of this is lowering energy and water bills.
"This package is an opportunity to consider upgrading irrigation, improving plant and equipment, increasing solar use, overhauling processing lines or even looking at biogas options," he said.
"We know farmers and businesses that understand and invest in their natural capital assets reap benefits including improved profitability and increased business resilience."
The initiative follows NAB's commitment early this year to supporting customers managing their "natural capital" risks and opportunities.
Its natural value platform considers the value of a farm's natural capital and the sustainability of operation's business model, including its supply chain partners.
CEFC chief executive officer Oliver Yates said the corporation was building on the success of other financing programs it had with NAB to reach a new business market in agriculture.
A similar co-finance deal with the Commonwealth Bank of Australia last year made $100m available for energy efficiencies”.
**NAB has also advised Adams Accounting that as well as irrigation systems, the bonus also applies to qualifying equipment such as some light vehicles, variable speed drives, industrial/commercial refrigeration, heating ventilation and air-conditioning, solar & solar thermal, biogas, waste diversion, process equipment upgrades, building monitoring systems, voltage optimisation assets, lighting, bundled technologies etc.
2015-06-15
