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Radevski Coolstores Low-Cost Finance

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Radevski Coolstores is a family owned and operated business, and a major Goulburn Valley supplier of apples and pears to Coles Supermarkets. As experienced growers, the family members are involved in every aspect of the business from marketing, orchard and pack house management, to quality control and dispatch. Radevski Coolstores has grown from one orchard in 1959 to its present 450 acres of apple and pear orchards, in the productive heartland of Goulburn Valley’s Shepparton East district. Its turnover is around 20,000 bins of fruit per year. Increasing energy and refrigerant prices have significantly increased the business’s operating costs.

Project Details

To beat rising energy bills, Radevski Coolstores is undertaking a $1.15 million refrigeration upgrade of its cool rooms. A new ammonia-based refrigeration system servicing its 16 cool rooms, will reduce those costs by over $140 000 and will also take advantage of improvements in refrigerator design to reduce carbon emissions by 24 per cent.

The project, being carried out by Low Carbon Australia strategic alliance partners and refrigeration specialists MINUS40, will involve upgrading the plant to operate on ammonia refrigerant and the implementation of condenser fan speed control, to further improve the system’s energy efficiency and performance.

RWTA member company MINUS40, did the design and facilitated the contact between Radevski Coolstores and LCA/CBA. The Radevski project was used as a trial project to perfect the LCA/CBA product, which is now fully available. This finance product currently appears to be the cheapest on the market (by up to 2%, depending on client), but an energy audit/business case report is required to qualify. It is also much easier and less cumbersome to access than direct LCA finance.

MINUS40 can assist with accessing this facility as they are now working directly with the finance product management team at the Commonwealth Bank.

Commonwealth Bank, Low Carbon Australia and Clean Energy Finance Corporation

The nation’s largest bank, Commonwealth Bank of Australia Ltd, is working with Low Carbon Australia under a ground breaking agreement for financing Australian manufacturers and businesses to reduce their energy costs.

By working together, Low Carbon Australia (LCA) and Commonwealth Bank (CBA) present a unique offer that is a clear demonstration of the Bank’s commitment to remain at the forefront of financial innovation, for the benefit of its clients.

The boards of Low Carbon Australia and the Clean Energy Finance Corporation (CEFC), have announced an in principle agreement to integrate Low Carbon Australia into the CEFC, which will commence investment operations from July 2013.

MINUS40 Project Services

MINUS40 assisted Radevski Coolstores with the following project services:

  • Project identification, conceptual design and feasibility study
  • Selection of critical equipment such as compressors, condenser, evaporators and vessel sizing.
  • Work scope documentation preparation
  • Tender management process
  • LCA Funding application assistance
  • Project measurement and verification (upon project completion)

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