The CEFC was a cornerstone investor in the issue via a $15 million investment.

It represents the CEFC’s first investment in a Western Australian mining project, and the first time the organisation has participated in a US dollar denominated bond issue.

CEO Ian Learmonth said it was an example of how the CEFC could support the development of a clean energy supply chain to further enable Australia’s transition to a low-carbon economy.

“Lithium is an essential part of the clean energy transition, particularly as we develop enhanced battery storage technologies that will allow us to increase the use of renewable energy, both for large-scale and small-scale projects,” he said.

“Worldwide demand for lithium is growing, driven by the increasing uptake of electric vehicles that use lithium ion batteries, and by the growth in energy storage solutions requiring lithium supplies.

“The lithium concentrate supplies to be produced by this project will help build Australia’s capacity to supply much needed resources for the clean energy technologies that are set to play a vital role in increasing the use of renewables in our future energy mix.”

The bond issue was followed by an A$80 million raising last week, which will fund the $234 million Pilgangoora development.

CEFC transaction lead Melanie Madders said Australia was well-positioned to play a leading role in supporting the increasing demand for lithium batteries.

“This project will enhance the delivery of secure and reliable lithia raw materials and bring about the transition to increased renewable energy use in Australia and globally,” she said.

“The CEFC is pleased to be supporting this exciting Pilgangoora project, which expands our finance commitments to mining sector projects and supply chain investments.

“Previous CEFC investments have sought to reduce emissions through clean energy activities such as the use of battery storage and generating power from waste coal mine gas.”

Pilbara Minerals CEO Ken Brinsden welcomed the CEFC as a cornerstone investor in the funding package.

“Pilgangoora is a world-scale project which will help underpin the establishment of an important new export industry in the Pilbara region of Western Australia, delivering strategic metals which are an essential part of the supply chain for the global battery supply chain which is currently undergoing transformational growth,” he said.

The final investment decision for Pilgangoora was made last week, with full-scale construction about to kick off.

Capital costs to completion are $207 million, with commissioning expected in the first quarter of 2018, followed by first shipments in the second quarter.

Shares in Pilbara were at 36c yesterday, 1c above the raising price.