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CBA story

Energy efficient loans in action

Energy efficient loans in action

Two fruit businesses use innovative financing to cut energy costs and reduce emissions.

Commonwealth Bank and the Clean Energy Finance Corporation (CEFC) have been working together since 2013, and through our joint loan programs we’ve helped many Australian businesses and not-for-profit organisations reduce their energy costs, upgrade equipment and invest in technology to improve efficiency and cut their carbon emissions.

Here are some agribusiness success stories:

Radevski Coolstores: Fresh and sustainable fruit from the orchard to the crate

Radevski Coolstores and Orchards, a family business in Shepparton East, Victoria, has been growing, storing and packing fruit in the area for over 50 years, with providing Packham and Beurre Bosch pears, Pink Lady and Granny Smith apples and peaches for local and export markets. 

The business’ packing shed and 16 cool rooms are crucial to maintaining the quality of the fruit from the tree to the market, and key to the long-term viability and growth prospects in a growing and competitive market.

Using $4.3m of funds, the Radevski Coolstores and Orchards installed a solar PV system which will provide around 12 per cent of their energy needs; and investing in a new fruit grader reduced their packaging needs and reliance on town water to bring their overall energy consumption down 25 per cent. In addition, upgrading to a more energy efficient refrigeration unit has reduced carbon emissions by almost one quarter.

Radevski Coolstores General Manager said the funding from CEFC and Commonwealth Bank allowed them to invest in machines to fulfil their needs, but also reduce their water use, carton use, plastic packaging and electricity.   

Nu Fruit: A smarter energy solution

Fresh fruit and vegetable wholesaler Nu Fruit, supplier of fruit, to IGA, Foodworks and Ritchies, invested in rooftop solar at its Wangaratta operations in North-east Victoria.

As a major wholesaler who provides fruit, vegetables, nuts, cut flowers and seedlings to over 100 retailers, including IGA, Foodworks and Ritchies,  Nu Fruit had previously invested in modern refrigeration warehouses, but were able to access financing from the CEFC and Commonwealth Bank for solar panels to power its large warehouse and cool rooms.

The solar panels reduce their overall energy consumption by between 10 to 20 per cent, and are better matched in producing more electricity during hot summer days, when it is needed the most.

Commonwealth Bank plays a crucial role in enabling innovation, economic and social development while supporting the transition to a low-carbon economy. We balance a commitment to responsible lending with operating sustainably to ensure we excel at securing the financial wellbeing of people, businesses and communities. 

Our corporate responsibility plan, Opportunity Initiatives, brings together all of Commonwealth Bank’s corporate responsibility initiatives and targets, under three themes of education, innovation and good business practice. For more information, visit our website.