The Boards of Low Carbon Australia Limited (LCAL) and the Clean Energy Finance Corporation (CEFC) have announced their in-principle agreement on the merger of LCAL’s energy efficiency programs, staff, systems and platforms into the CEFC.

LCAL is expected to be a valuable resource for the CEFC in developing its own investments in the clean energy sector.

Since 2010, LCAL has been effectively working within the market place developing successful finance and investment models to boost private sector investment in energy efficiency.

LCAL has contracted, or has under offer, more than $84 million of its funds.

The objective of the CEFC is to mobilise its own and private sector capital into renewable energy, low-emissions and energy efficiency projects and technologies.

The $10 billion, commercially orientated CEFC will build on and scale-up successful LCAL models. Existing LCAL contracts and investment programs will remain in place.

It is intended that all aspects of the merger will be completed by 30 June 2013. Full media release here.