The Clean Energy Finance Corporation’s founding CEO Oliver Yates has advised the Board of his decision to step down.
Yates has played a central role in the creation of the CEFC, which is now a major investor in clean energy projects around Australia.
The CEFC Board has begun the process of recruiting a replacement for Yates and will consider both internal and external candidates. In the interim, Yates will remain CEO.
The new CEO will be appointed by the CEFC Board following consultation with the responsible Ministers, in accordance with the CEFC Act.
CEO chair, Jillian Broadbent, said Yates has made a significant contribution to the sector and departs on excellent terms.
Broadbent said his dedication, energy and experience have played a critical role in the CEFC’s development including investment performance, its market position as a sector specific investor, and as an effective tool of public policy.
"He leaves a strong team and organisation which will continue its task to catalyse the flow of funds into emissions reduction investments," she said.
Commenting on his departure, Yates said it has been a difficult decision but the timing is right.
"The CEFC is now well established, endorsed by the government, and has a robust pipeline of transactions." he said.
"With the Paris agreement to retain the rise in global temperatures to below two degrees celsius, the clean energy investment market will continue to accelerate, requiring even greater commitments for the CEFC.”
