SBA loans $2.7 billion to private companies over the next 10 years, SBA says
SABRE, the Australia’s biggest private bank, has announced it will lend more than $2 billion to four new private companies in the next three years, with an initial $1.3 billion going to one of them.
The Federal Government will provide the loan, which is part of its Government Direct programme, as part of the Government’s drive to boost the private sector.
The bank’s chief executive, Andrew Hargreaves, said the money would help support new projects, including a new energy company, a telecommunications and internet provider and an energy and mining company.
“I think this is another step in the right direction in helping the industry and industry-focused companies move forward,” Mr Hargres said.
“The Federal government is providing a significant contribution to the private-sector economy and the opportunities for these sectors to develop are a real and welcome addition to our portfolio.”
The first $1 billion will be lent to the $3 billion Solar City in Victoria.
It is building a new $1bn solar plant that is expected to produce 50 megawatts of solar power by 2020.
The second $1 million will go to the South Australian Coalmine in Western Australia, which has applied to join the Federal Government’s Renewable Energy Target, which aims to increase the amount of electricity generated by the sector by at least 25 per cent.
The third $1,500 million will be used to help build a $500 million solar power plant in Queensland.
The fourth $1m will be given to a company in the Western Australian minelands, the WA Energy Minister, Mark Bailey, said.
The Government’s renewable energy target is a target to reduce Australia’s emissions by 30 per cent below 2005 levels by 2030.