It may be able to cut carbon emissions for $2.40 a tonne, but the Clean Energy Finance Corporation still faces the government axe.
The CEFC, set up by Labor to leverage investment in a wide range of clean energy projects, has built a $931 million portfolio in its first full year of operation.
Chairwoman Jillian Broadbent said in the corporation's annual report it had leveraged $2.20 for every $1 to produce projects valued at over $3.2 billion.
Once the projects are running they will abate 4.2 million tonnes of carbon dioxide, achieving an effective "carbon price" of $2.40 a tonne.
However, the CEFC has been asked by Treasury to prepare its accounts for the mid-year economic and fiscal outlook due in December on the basis that it will stop making investments on December 31 and cease operating on June 30, 2015.
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The one thing standing in the way of this is the Senate, with the Palmer United Party, Greens and Labor opposed to the corporation's abolition.
The annual report is expected to give further ammunition to their argument to keep it running for the long-term.
The CEFC reported its portfolio would return an average seven per cent, or 3.5 per cent above the government rate.
Across its portfolio are wind, solar and bioenergy projects, innovative energy efficiency programs and low emissions technology in manufacturing, building and local government.
Despite uncertainty about its future, the CEFC is in talks with more than 30 project backers seeking $1.2 billion in finance for total project costs of over $3 billion.
It is understood there are discussions within the government on how the CEFC could co-operate with the government's $2.55 billion emissions reduction fund passed by the Senate on Thursday.
